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What are the new terms governing NRNR/NRSR accounts?

April 26, 2017accounts NRNR nrsr terms

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What are the new terms governing NRNR/NRSR accounts?

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NRNR Accounts • With effect from March 4, 2002, the existing NRNR Term Deposits shall continue till the date of maturity. Only on the due date of the deposit, the maturity proceeds of the NRNR term deposit, will be credited to the accountholder’s NRE rupee Savings or NRE rupee Term Deposit accounts. The depositor also has the option to credit proceeds to an NRO account • The proceeds of the NRNR Term Deposit on maturity cannot be credited to an FCNR(B) account. • All premature withdrawals of NRNR fixed deposits will be credited only to NRO accounts NRSR Accounts • The existing NRSR fixed deposits shall continue till maturity. On due date, proceeds of these deposits can be credited to the NRO account of the depositor. • Any premature encashment of NRSR Term Deposit’s, the depsitor has the option of reinvesting the proceeds to an NRO account only.