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FAQs
On NRO Fixed Deposit |
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In what currency can my NRO Fixed Deposit be maintained?
Your NRO Fixed Deposit is maintained in Indian Rupees.
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What is the minimum amount with which I can open an NRO Fixed Deposit?
The minimum amount with which you can open an NRO Fixed Deposit is INR 25,000/- and the amount required for Add-on Fixed Deposit is INR 10,000/-.
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What is the frequency of interest payment on my NRO Fixed Deposit?
The frequency of interest payment on your NRO Fixed Deposit is Quarterly.
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Will I get a chequebook and/or an ATM / Debit Card when I open an NRO Fixed Deposit?
No. You will not get a chequebook and/or an ATM / Debit Card with your NRO Fixed Deposit.
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Can I avail of loan against my NRO Deposit?
Yes. You can avail of loan against your NRO Deposits. The loan/overdraft can be used for personal purposes or for carrying on business activities other than
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Relending
- Agricultural/Plantation activities
- Real Estate Business
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Can I break my NRO Deposit before the maturity period?
Yes. You can break your NRO Deposit before the maturity period. The Deposit would qualify for interest only if it has been held for a period of 15 days.
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Can my deposits with the bank be automatically renewed on maturity?
If you provide specific auto renewal instructions, the deposit will be renewed on maturity in accordance with the instructions. In the absence of any instructions, deposit will be renewed for the same period at the rates prevailing on the date of maturity
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What taxes am I liable to pay if I have an NRO Fixed Deposit?
TDS is reducted on the interest at the following rate:
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| NRO |
Tax Rate |
Surcharge |
Education Cess |
TOTAL |
| Payment upto 10 lacs |
30% |
---- |
3% |
30.90% |
| Payment equal to & above 10 lacs |
30% |
10% |
3% |
33.99% |
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Can I have a nominee for my NRO Fixed Deposit?
Yes. You can have a nominee for the NRO Fixed Deposit.
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Is there a penalty on premature withdrawal of my NRO Fixed Deposit?
No. There is no penalty on premature withdrawal of your NRO Fixed Deposit.
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