Types of NRI Recurring Deposit
More About Recurring Deposits
NRI Recurring Deposits accounts in India offer several benefits: competitive interest rates similar to NRE/NRO deposits, flexible tenures starting from 6 months, and the ability to deposit small amounts regularly. Additionally, they provide easy repatriation of both principal and interest and a penalty-free grace period for missed instalments, making them an attractive and convenient savings option.
To open NRI Recurring Deposit accounts online with HDFC Bank, you must fill out the application form on the website and specify details such as instalment amount, preferred mode of payment, deposit tenure, and nominee details.
Frequently Asked Questions
The tenure options for NRI Recurring Deposits (both NRE and NRO) at HDFC Bank range from 1 year to 10 years, with the possibility of choosing tenures in multiples of three months.
Interest earned on NRE Recurring Deposit accounts is not taxable in India, making the NRE RD a tax-efficient investment option for NRIs. On the other hand, the interest earned on NRO RDs is subject to taxation and is taxed as per the individual investor's income tax slab rate.
NRIs can indeed deposit funds earned from their overseas income into an NRI Recurring Deposit account at HDFC Bank. They have the choice to either opt for a NRE Recurring Deposit Account or a NRO Recurring Deposit Account. The Bank offers competitive interest rates and flexible banking options for NRIs, whether the income invested is earned abroad or within India.