Who is an NRI?
An NRI is an Indian citizen who stays outside India:
(a) for purposes of carrying out employment or any business or vocation;
(b) under circumstances indicating an intention to stay outside India for an uncertain duration;
(c) any Indian citizen deputed outside India for a temporary period in connection with employment.

Who is a PIO?
A citizen of a foreign country (other than a citizen of Bangladesh or Pakistan) is a PIO if
(a) he/ she at any time held an Indian passport; OR
(b) he/ she or either of his/ her parents or any of his/ her grandparents was a citizen of India; OR
(c) spouse (not being a citizen of Bangladesh or Pakistan) of an Indian citizen or (a) or (b) above.

Can I have a nominee for the account?
Yes, you have the right to specify different nominations for your accounts by completing the appropriate forms. Further, you are at liberty to change the nominee during the course of your deposit period, through a declaration to that effect in the appropriate form

Can I close my NRE Recurring deposit prematurely?
Yes, you can close your NRE Recurring deposit before maturity. Currently there is no penalty for premature withdrawal of NRE Recurring deposit.

If closed before 12 months from the date of deposit opening, no interest is payable.

If closed prematurely after completion of 12 months from the date of deposit opening, the amount of instalments already paid shall be paid together with the interest calculated on simple interest basis on monthly instalments. Interest will be paid for the period the deposit has been with the bank and at the rate applicable at the time of opening the deposit.

Is there any penalty in case of delay in payment of instalment for NRE Recurring deposit?
In case of delay in payment of any instalment for NRE Recurring deposit account, a penalty of Rs. 12/- per thousand per instalment will be levied.

What is the tenure for which I can open NRE Recurring Deposit?
Minimum Tenure: 1 year and thereafter in multiples of 3 months.
Maximum Tenure: 10 years.