Bank of India
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TERM DEPOSIT

Features NRE Term Deposit NRO Term Deposit FCNR Deposit RFCDeposit
Eligibility NRIs
(individuals/entities of Bangladesh/Pakistan nationality/ownership require prior approval of RBI).
1. Any person resident outside India (other than a person resident in Nepal and Bhutan).
2. Individuals/entities of Pakistan Nationality/ownership, entities of Bangladesh ownership and erstwhile Overseas Corporate Bodies require prior approval of Reserve Bank of India.
It can be opened by an Individual NRI (other than a person resident in Nepal and Bhutan) and is maintained to invest your local funds in India to earn higher returns. Individuals/entities of Bangladesh/Pakistan nationality/ownership require prior approval of RBI. It can be opened by an Individual NRI (other than a person resident in Nepal and Bhutan) which provides an opportunity for tax planning in India.
Joint Account of 2 or more NRIs Permitted Permitted Permitted Permitted
Currency in which Account is denominated Indian Rupees (INR) Indian Rupees (INR) USD, GBP, EUR, JPY, AUD ,CAD USD,GBP
Repatriability Freely Repatriable Principal upto USD 1 Million. Subject to FEMA 2000 guidelines from time to time. Freely Repatriable Freely Repatriable
Period 12 months to 120 months 7 days to 120 months 12 months to 60 months 12 months to 36 months
Nomination Available Available Available Available
Taxation Exempt from Income Tax Income Tax deductible at source (as per DTAA executed by India with 71 countries Exempt from Income Tax Exempt till individual continues to be ‘Resident but not ordinarily resident’. Thereafter TDS is required to be deducted @10% plus surcharge as applicable