NRI Recurring Deposit (NRO)

CUB's NRI customers can open Recurring Deposit (RD) and transfer funds from NRO / NRE account.

  • Recurring Deposit can be opened for remitting fixed amount every month
  • Deposit can be opened jointly with a Non - Resident or Resident
  • Joint Account with a Resident in India on Former or Survivor Basis
  • Interest earned on the account is taxable
  • Principal together with interest can be remitted outside India or can be credited to NRE Account upto USD 1 Million per financial year subject to production of undertaking by the remitter and certificate from a Chartered Accountant
  • NO SERVICE CHARGES for inward remittances from abroad
  • Funds can be transferred from NRO / NRE account
  • Preclosure of deposit 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
  • Attractive interest rates
  • Click here to download opening form
  • Click here to know current interest rate for NRO Recurring Deposit.
  • Click here for modes of remittances to remit funds
  • For queries, contact us - nri@cityunionbank.com