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- Deposit can be opened as Cumulative or Non Cumulative Deposit
- Deposit can be opened jointly with a Non Resident or Resident
- To download opening form click
- Attractive interest rates. To know current interest rate click NRO Fixed Deposit (12)
- To Remit funds click Modes of Remittances (24)
- Interest earned on the account is taxable as per Double Taxation Avoidance Agreement (DTAA)
- In case of Non Cumulative deposit, you can receive interest quarterly or monthly (discounted rate of interest)
- Principal together with interest can be remitted outside India or can be credit to NRE Account upto USD 1 Million per financial year subject to production of undertaking by the remitter and certificate from a Chartered Accountant
- Free Internet Banking to view the deposits
- No service charges for inward remittances from abroad
- Funds can be transferred from NRO/NRE/FCNR Account
- No interest is payable if deposit is preclosed before the minimum stipulated period. Preclosure of deposit after the minimum stipulated period but before maturity will attract penalty as per the Bank’s policy from time to time
- Conversion of foreign currency into Indian Rupees or vice versa will attract service tax as per GoI notification
- Loan against the security of deposit can be obtained subject to RBI guidelines and Bank’s policy in force
- For queries, contact us @ nri@cityunionbank.com
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