Eligibility for NRIs

• NRIs can open both recurring deposit and fixed deposit accounts in India.
• Deposits can be made in NRE, NRO, or FCNR accounts as per guidelines.
• Account opening is allowed with most Indian banks.
• Depositor must comply with FEMA and RBI norms.
• Joint deposits are also permitted with eligible co-holders.

Types of Deposit Accounts Available

• NRE fixed and recurring deposits for foreign income.
• NRO fixed and recurring deposits for income earned in India.
• FCNR fixed deposits in permitted foreign currencies.
• Tenure and interest rates vary by deposit type and bank.
• Deposit types can be chosen based on repatriation needs.

Deposit and Withdrawal Process

• Deposits can be made online from abroad or through remittances.
• Withdrawals and maturity proceeds follow account regulations.
• Interest is credited periodically as per account terms.
• Premature withdrawal is allowed, subject to bank policies.
• Proceeds can be repatriated or retained based on account type.

Joint Holding and Nomination

• Joint fixed or recurring deposits are allowed with other NRIs.
• In NRO deposits, resident Indians may be allowed as joint holders.
• Nomination facility is available for all NRI deposit accounts.
• Changes in joint holding or nomination require a written request.
• Nominee or joint holder rights depend on account mandate.

Regulatory Compliance

• All deposits must comply with RBI and FEMA regulations.
• Banks require KYC documentation and source of funds declaration.
• Renewal and maturity instructions must be provided in advance.
• Account status and documentation are periodically reviewed by the bank.
• Compliance ensures deposit safety and smooth operation.