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These accounts are designed to help the individual NRIs for
placing their savings meant for meeting uncertain exigencies or as investment
in Term Deposits. Accounts can be maintained either as SB or as Term Deposits.
The funds are repatriable along with interest.
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Accounts can be opened by submitting duly filled in account
opening form, (which is available on our website) 2 photographs and a copy of
passport along with the foreign remittance.
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Credits can be only out of foreign remittances/Travellers
Cheques/Foreign currencies or proceeds of NRE Term Deposits, FCNR(B) Deposits
or proceeds of certain other investments made out of NRE remittances.
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Withdrawals are permitted for local payments, transfer to
NRE/FCNR(B) accounts and certain other investments permitted by RBI.
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Joint Accounts are permitted provided all account holders are
NRIs.
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Power of Attorney holders can operate the accounts for local
payments and approved investments.
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Bank issues special series of cheques to NRI Account holders for
easy identification.
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Term Deposits can be made in the normal course for a minimum
period of 1 year and a maximum of 5 years in line with FCNR(B) Deposits.
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Loans against term deposits can be availed for personal/business
purposes. However, loan against term deposits cannot be availed for the
purposes of relending, agriculture/plantation or for investments in real estate
business. The interest on such loans shall be as per Bank's guidelines
stipulated from time to time.
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Premature closure of NRE Deposits for investment in Resident
Foreign Currency (RFC) does not attract penal provisions relating to premature
withdrawal.
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Maturity period for NRE term Deposits is restricted to a maximum
period of 5 years.
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