RBL Bank NRO Fixed Deposit Account

Overview

An NRO fixed deposit account is held by a non-resident individual (NRI) in an Indian bank. The deposits can be made in Indian Rupees, and the main purpose of this account is to earn interest on the deposited amount. However, the interest earned on such deposits is taxable in India.

RBL Bank NRO FD are specially catered towards NRI customers. With an attractive interest rate of 7.25% p.a., the bank offers its customers an extended tenure ranging from 7 days to 20 years. With a fixed interest rate, you can be sure that your money will grow over time. This account allows you to earn a higher interest rate on your deposits and allows you to make withdrawals when you need to.

Eligibility Criteria of RBL Bank NRO Fixed Deposit

The RBL NRO FD account can be opened by NRIs and PIOs singly or jointly. The eligibility criteria stated by the bank must be met to open a fixed deposit account in RBL Bank. Any Indian citizen residing outside India for a purpose other than a habitual residence:

• Whether it’s work, study, business, or vocation
• Government of India or public sector undertaking official posted with UN organisation or deputed abroad
• A mariner or worker on an oil rig registered outside of India who is an Indian citizen
• Dependents (for example, spouses and children) of any of the above types of individuals residing overseas on a dependent visa.

Documentation Required for RBL NRO Fixed Deposit

The Reserve Bank of India (RBI) has prescribed certain documents to be submitted while opening an NRO Fixed Deposit account with a bank. These documents are required for KYC (Know Your Customer) norms. The list of documents that are required to be submitted is as follows:

If the Applicant Holds the Indian Passport

• Identification Proof: Passport of the applicant
• NRI Status Proof: Resident Proof/ Valid Visa
• Address Proof: Passport, Driving License, Voter ID, or Job ID issued by NREGA
• Recent passport-sized photographs of the applicant and Form 60/ PAN card

If an Indian Origin Applicant Holds An Overseas Passport

• Identification Proof: A copy of the overseas passport
• Indian Origin Proof: Copy of PIO/ OCI card or person of Indian origin declaration provided in account opening form
• Address Proof: Passport, Driving License, Voter ID, job ID issued by NREGA, utility bills, or tax receipts
• Recent passport-sized photograph of the applicant and Form 60/ PAN card

Non Face to Face FD Account Opening

If you reside outside of India at the time of your FD account opening and still need to be met by a representative of RBL Bank, you can complete all the formalities offline.

You must download the account opening form and attach the attested copy of all the documents. Additionally, get the KYC documents attested by a notary, court magistrate, judge, or an Indian Embassy general in your country. Once you submit all the required documents and the application form to the bank, your NRO FD account will be activated once you put in your first deposit.

Features and Benefits of RBL Bank NRO Fixed Deposit

The RBL Bank NRO Fixed Deposit account has tremendous potential for saving for the future. It offers a competitive interest rate and the flexibility to make deposits and withdrawals as you need. The account also offers several features and benefits that make it an ideal choice for savers. Some of the key features of the RBL Bank NRO Fixed Deposit account include:

• Investment tenure ranges from 7 days to 20 years.
• Invest the income you earn in India in the account. Furthermore, the interest on the deposit is taxable.
• Co-opening with an NRI is possible.
• Under the law, a customer can repatriate up to 1 million dollars in funds in the account per financial year after providing the required documentation.
• Account management is made easier with the availability of mandates
• There is the possibility of partial withdrawals, and deposits can be automatically renewed at maturity
• By availing of the DTAA (Double Taxation Avoidance Agreement) facility, you can enjoy higher post-tax returns

How to Apply for RBL Bank NRO FD?

To apply for an RBL Bank NRO FD,  you can visit the official website of RBL Bank or their mobile app. Conversely, you can visit the bank branch and fill in the application for an FD account. You must fill in the application and submit it along with the documents mentioned above to the bank and make your first deposit. That’s it, your FD account will be opened, and you will receive an acknowledgement slip for the same. You may keep the slip for future reference.

How to Download the RBL Bank NRO FD Application?

If you want to download the RBL Bank NRO FD Application, you can visit the RBL Bank website. You can also click on this link ACCOUNT OPENING FORM. It will directly take you to the application form. You can download the form and fill and submit the same with the required documents.

Premature Withdrawal of RBL Bank NRO FD

If you prematurely withdraw your RBL Bank NRO FD, you will be subject to a penalty of 1% of the total amount withdrawn. This penalty will be applied to your account balance and accrue interest at the rate specified per the terms and conditions.

Furthermore, no interest will be paid if the FD is closed within seven days of making the deposit.