NRO Recurring Deposit Account FAQs
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.
Is there any penalty in case of delay in payment of instalment for NRO Recurring deposit?
In case of delay in payment of any instalment for NRO Recurring deposit account, a penalty of INR 12/- per thousand per instalment will be levied.