Non Resident (External) Recurring Deposit
In today's interconnected world, securing your financial future while living abroad has never been easier. This deposit plan gives you the opportunity to contribute to a deposit regular amounts and earn a steady interest with the funds you have abroad. With sophisticated and streamlined features, you can enjoy tax-exempt interest and easy repatriation of funds if you are working overseas, studying abroad or simple investing as a NRI. Read more
Why this recurring deposit is for you
Recurring rewards and lasting wealth for NRIs everywhere
Benefit from tax-exempt interest on your deposits, helping you maximize your savings
Enjoy the freedom to repatriate your funds and access your savings from anywhere in the world
Create joint accounts with close relatives, making financial planning and sharing easier than ever
Eligibility criteria
- NRIs residing abroad
- Indian students studying overseas
- Seafarers of Indian origin working for overseas shipping companies
- PIOs and OCIs
- Individuals holding a foreign passport (excluding Bangladesh and Pakistan) with Indian lineage, or spouses of Indian citizens
Documents required
- Resident card or foreign passport
- Relevant visa of overseas country
- Overseas residential proof
- PAN card or Form 60
- Document photocopies attested by officials from overseas Indian banks, notaries, magistrates, or Indian embassies/consulates
As easy as 1,2,3...
Apply for an NRE recurring deposit in 3 simple steps
Step 1
Visit your nearest branch
Go to your nearest Karnataka Bank branch
Step 2
Start with your basic details
Provide your basic details and keep your documents handy
Step 3
We’ll take care of the rest
Our branch officials will notify you when your account is opened
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Got questions? We’ve got answers.
The NRE Recurring Deposit amplifies your overseas savings, offering a tax-free interest benefit, ensuring your financial growth aligns with your global ambition.
Absolutely, it bridges geographical divides, allowing joint holding with your resident close relatives.
Leverage our digital banking platforms like the KBL Mobile Plus app for a hassle-free, remote account opening experience
Yes, we offer an auto-renewal facility for all NRI Deposits. This allows your deposit to be automatically renewed upon maturity for the same tenure at the prevailing interest rate.
Yes, early withdrawal is possible, though it may involve certain conditions or penalties. Please contact us for specific details.
or off-site verification, you'll need attested photocopies of documents like your valid Indian Passport or Overseas Resident Card, Employment Visa/Work Permit/Student Visa/Overseas Resident Card, and communication address proof. Attestation can be done by authorized officials of overseas branches of Scheduled Commercial Banks registered in India, branches of overseas banks with whom Indian banks have relationships, Notary Public abroad, Court Magistrate, Judge, or Indian Embassy/Consulate General in your country of residence.
To download the KBL Mobile Plus app, visit the Google Play Store or Apple App Store on your mobile device. Search for 'KBL Plus' in the store, select the app published by Karnataka Bank, and click 'Install' to download it onto your device.
Designed for the global Indian, it offers flexibility in savings and free repatriation, aligning with your international financial needs.
Yes, the nomination facility is available for this deposit, allowing you to secure your investment for your loved ones.
Yes, our digital banking platform allows convenient online management from anywhere in the world.
The Non Resident (External) Recurring Deposit offers a unique blend of convenience and financial growth for NRIs.These cumulative deposit accounts allow your interest to be compounded quarterly or annually and reinvested with the principal amount, leading to appreciable returns over the deposit tenure. The principal and interest are fully repatriable, which means you can move your funds, including the interest earned, back to your resident country without any restrictions.
Recurring Deposits are a simple yet effective financial tool for steady savings. By allowing you to deposit a fixed amount every month, they help inculcate a disciplined approach to savings.The interest rates for NRE deposit accounts are attractive, providing NRIs with the opportunity to earn higher returns compared to regular savings accounts. The rates for cumulative deposits are determined by the prevailing economic conditions and the Reserve Bank of India's directives.
NRI services play a crucial role in bridging the financial needs of the Indian diaspora with the opportunities available in India. They provide a platform for NRIs to invest, save, and manage their earnings in their home country, even while they reside abroad. Services like NRI accounts, loans, and investment options ensure that NRIs can contribute to and benefit from India's economic growth. These services also aid in maintaining a financial connection with their homeland, which is crucial for those who plan to return or have familial and investment ties in India.
