NRO Recurring Deposit

Key Features of NRO Recurring Deposit

 

Deposit Details

Investment Amount

  • Invest from ₹1,000 – Increase in Multiples of ₹100 up to ₹2,99,99,900

Interest rate

  • Earn interest comparable to an NRO Fixed Deposit.

  • Benefit from Quarterly compounded interest.

  • Receive interest payout at maturity.

  • Check the latest NRO Recurring Deposit rates here

Tenure

  • Choose tenures starting from 6 months, increasing in 3-month multiples, up to a maximum of 10 years. 

  • The NRO RD includes a 1-month lock-in period; early closure within this period results in depositors receiving only the principal amount, without any interest.

TDS

  • Interest earned on NRO RD accounts is subject to TDS at 30%, plus surcharge and cess as applicable.

Single/Joint Account

  • Open your NRO RD individually or in joint names. The joint holder can be another NRI or an Indian Resident.

Telegraphic/Wire Transfer

Nomination

  • Assign nominees conveniently through NetBanking.

  • For single-name NRO Recurring Deposits booked via NetBanking, you can select the same nominee listed on your Savings Account or add a new nominee.

  • ​​​​​​​​​​​​​​For Joint Name Recurring Deposits booked via NetBanking, only the existing nominee from your Savings account can be selected. To add a new nominee, you must submit a nomination form at the branch.

Telegraphic/Wire Transfer

Payment of Instalment

  • Once set, the instalment amount cannot be changed until the RD matures and/or is redeemed.

  • If multiple monthly instalments are overdue, up to 6 instalments can be recovered from the linked account, provided a sufficient balance is available.

  • When multiple instalments are overdue, any payment made will be allocated first to the earliest overdue instalment if the amount is only sufficient to cover that instalment.

  • Partial payment of instalments will not be permitted. 

  • The maturity amount mentioned on the Recurring Deposit confirmation advice is subject to the timely payment of all instalments.

  • Any delay in paying scheduled instalments will impact the maturity amount.

Funds Transfer through Cheques/Demand Drafts/Traveller’s Cheques

Overdue Instalments

  • The Bank reserves the right to close the RD account in case of frequent monthly defaults, with six instalments falling in arrears.

  • Interest rates applicable upon closure will follow the Bank's premature withdrawal policy.

Funds Transfer through Cheques/Demand Drafts/Traveller’s Cheques

Interest Rate

  • HDFC Bank offers attractive interest rates on various deposit and savings schemes. With a range of options including Fixed Deposits, recurring deposits, and specialised Savings Accounts, you can grow your wealth securely. Enjoy the benefits of flexible tenures, easy liquidity, and assured returns. 
  • Click here to view the details of the NRO Recurring Deposit interest rates.
Funds Transfer through Cheques/Demand Drafts/Traveller’s Cheques

Most Important Terms & Conditions

  • *The Most Important Terms and Conditions for each of our banking offerings features all the specific terms and conditions that govern their use. You must go through it thoroughly to fully understand the terms and conditions applicable to any banking product you choose.  

Telegraphic/Wire Transfer

More About NRO Recurring Deposits

NRO Recurring Deposit provides interest rates at par with an NRO Fixed Deposit, compounded quarterly, and allows for the interest payout on maturity. The tenure ranges from a minimum of 6 months (in multiples of 3 months) to a maximum of 10 years, with a lock-in period of 1 month. Additionally, it includes nomination facilities and the option to open a joint account. 

NRO Recurring Deposit Accounts in India offer a secure way for NRIs to save their foreign and Indian income with flexible tenures from 6 months to 10 years. As an NRO RD account holder, you can earn competitive interest rates on your deposit. You can also take advantage of quarterly compounded interest payouts, and create a significant lumpsum at maturity. Additionally, you can open the RD jointly or individually, assign nominees, and access your accounts and deposits anytime via net and mobile banking facilities.

To open NRO Recurring Deposit Accounts online, you can visit the bank’s official website and complete the application form online. After submission, a bank representative will assist you further.

Frequently Asked Questions

To open an HDFC Bank NRO Recurring Deposit Account in India, you should be a Non-Resident Indian (NRI) or a Person of Indian Origin.

NRIs can invest as little as ₹1,000, increasing by ₹100 increments, and up to ₹1,99,99,900 in NRO RDs. They can enjoy interest rates similar to those offered on NRO Fixed Deposits, as well as the benefits of compounded quarterly interest. They can also easily assign nominees via NetBanking for single-name NRO Recurring Deposits.

Yes, you can withdraw your NRO RD Account before it matures, subject to certain terms and conditions. The FD comes with a minimum 1-month lock in period. If closed during this time, the bank is not liable to pay any interest on the deposit. In case of withdrawal after the 1-month lock-in period, you may continue to earn interest, but the bank may levy a penalty of a certain amount or predetermined percentage, based on when you withdraw the FD before maturity.