NRI Recurring Deposit

If you are looking forward to investing money every month and earn interest rates on the same, then recurring deposit is your answer. Through a recurring deposit scheme, people can invest a certain sum every month in their banks for a fixed period of time. The rate of interest offered by the banks on their recurring deposit schemes are similar to the interest rates on fixed deposits. Banks in India also allow their NRI customers to invest in recurring deposit schemes. NRI customers of banks can choose to invest money in recurring deposits through NRE Deposit Accounts or NRO Deposit Accounts.

NRE Recurring Deposit

In NRE Recurring Deposit Scheme, the money for deposit comes only from Non - Residential External Accounts. Most banks in India allow NRE Deposits for a minimum tenure of 1 year and the amount of deposit and the interest rate varies from bank to bank. A major advantage of investing money in this scheme is that the interest that NRIs earn from this deposit scheme is not taxable in India. Some banks also allow people to deposit different amounts every month in their recurring deposit accounts.

There are Many Banks in India that offer Recurring Deposit Schemes to NRIs. Some of them are –

• ICICI Bank
• Andhra Bank
• Axis Bank
• Bank of India
• Bank of Maharashtra
• Canara Bank
• Central Bank of India
• Corporation Bank
• HDFC
• Indian Bank
• J & K Bank
• Karur Vyasa Bank
• State Bank of India
• Syndicate Bank
• Yes bank
• State Bank of Hyderabad
• Oriental Bank of Commerce
• IDBI Bank
• Karnataka Bank
• South Indian Bank
• Federal Bank
• Dhanalakshmi Bank
• State Bank of Bikaner and Jaipur
• Lakshmi Vilas Bank
• Bharatiya Mahila Bank
• Saraswat Bank
• Punjab & Sind Bank