NRE Rupee Fixed Deposits

Premature withdrawal of the deposit after 12 months is subject to penalty as given below:

• The rate of interest applicable will be one percent (1%) less than the actual interest payable for the period for which the deposit has run prevailing on the date of issue of receipt or on the date when the depositor seeks premature withdrawal, whichever is lower, provided the deposit has run for a minimum period of one year.

Procedure for issuance of Duplicate Fixed Deposit Receipt and in case of Lost Fixed Deposit Receipts

• An application from the depositor should be obtained.
• Applicants must be properly identified.
• Duplicate receipt may be issued only in cases where the un-expired period of deposit exceeds 12 months.
• In all other cases only a letter of acknowledgement of deposit may be given to the depositor.
• An indemnity bond should be obtained in the prescribed format in all cases.
• One or two sureties, considered good for the amount involved, must execute the indemnity along with the depositor(s). Credit report on sureties be prepared in prescribed format and kept on record.
• Sureties may be waived where the deposit is renewed for a further period of at least 12 months or where the depositors maintain other accounts which are well conducted.