Non Resident (Ordinary) Recurring Deposit

Non Resident (Ordinary) Recurring Deposit offers a secure way to save regularly, turning your hard-earned money into a robust financial future. Unlike repatriable deposits, the funds here are designed for local investments and payments in India , making them ideal for those with commitments back home. The facility to jointly hold these accounts with Resident Indians adds to their appeal, bridging the distance between you and your family’s financial aspirations. While the interest is subject to tax, the convenience and stability it offers are unparalleled. It's more than just saving; it's a strategic approach to building a safety net for your future, ensuring that your connection with India remains strong and profitable, no matter where life takes you. Read more

Why this recurring deposit is for you

Recurring rewards and lasting wealth for NRIs everywhere

Invest your savings in India, enjoying the flexibility to use these funds for local payments

Strengthen familial ties with the option to jointly hold this account with your loved ones in India

While the interest is taxable, it signifies compliance and transparency

Features

Local utilisation

Funds in this account can be used for local payments and investments in India, offering practical financial utility for NRIs.

Partial repatriation

Although the principal amount is non-repatriable, current income like rent, dividends, and pensions can be repatriated, subject to certain conditions.

Nomination facility

Secure your loved ones' financial future by nominating beneficiaries, ensuring that your savings go to the right hands in unexpected situations.

Tax compliant

Interest earned is subject to tax, ensuring compliance with Indian tax laws and offering transparent financial dealings.

Joint account option

The ability to open a joint account with Resident Indians, facilitating family financial planning and shared savings goals.

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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 NRO 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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Trusted by thousands and handpicked for financial excellence

Non Resident (External) Recurring Deposit

  • Tax-exempt interest on your deposits
  • Repatriate funds from anywhere in the world
  • Hold the account jointly with loved ones in India

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Got questions? We’ve got answers.

Can funds in the NRE deposit be repatriated?

Funds in the Non Resident (Ordinary) Recurring Deposit are primarily non-repatriable. However, current income such as rent, dividends, or pensions can be repatriated, subject to the certification by a Chartered Accountant that the amount is eligible for repatriation and applicable taxes have been paid.

This deposit is available to all Non-Resident Indians (NRIs), including Indian citizens working abroad on assignments, seafarers of Indian nationality or origin, and Indian students studying overseas. Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs) holding foreign passports, except those from Bangladesh or Pakistan, are also eligible

Yes, the account can be jointly held with a resident Indian. This feature makes it convenient for NRIs to manage their finances in tandem with family members residing in India.

To open this deposit, NRIs need to provide a valid Indian Passport or Overseas Resident Card, a valid Employment Visa/Work Permit/Student Visa/Overseas Resident Card, proof of communication address, and a PAN Card or Form 60. For NRIs unable to visit a branch in India, off-site verification can be completed with attested photocopies of these documents. Attestation can be done by authorized officials of overseas branches of Scheduled Commercial Banks registered in India, branches of overseas banks with Indian bank relationships, Notary Publics, Court Magistrates, Judges, or Indian Embassy/Consulate officials in the country of residence.

Yes, early withdrawal is possible, though it may involve certain conditions or penalties. Please contact us for specific details.

Yes, nominating someone for your account ensures that in the event of unforeseen circumstances, the management and disposition of your deposit can be handled smoothly. This provides an added layer of security and ease for your family.

Absolutely, the funds from your Non Resident (Ordinary) Recurring Deposit can be utilized for various local investments and payments in India on a non-repatriable basis. This feature makes it a practical tool for NRIs looking to invest in Indian markets or manage local expenses.

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.

Choosing between an NRI deposit and mutual funds depends on individual financial objectives and risk appetite. NRI deposits, such as Fixed or Recurring Deposits, offer security and guaranteed returns, making them suitable for conservative investors or those looking for stable, short-to-medium term savings. On the other hand, mutual funds provide a range of investment options across various asset classes and potentially higher returns, albeit with higher risk and market dependency. Your decision should align with your financial goals, investment timeline, risk tolerance, and liquidity needs. It's always advisable to consult a financial advisor to understand what fits best within your overall investment strategy.

Yes, our digital banking platform allows convenient online management from anywhere in the world.

Advantages of Non Resident (Ordinary) Recurring Deposit

Non-Resident Ordinary (NRO) Cumulative Deposits are a favored choice for Non-Resident Indians (NRIs) who wish to save and manage their income earned in India with ease. An NRO cumulative deposit works on the principle of reinvesting the interest earned during the deposit period back into the principal amount, resulting in a compounded growth effect. These deposits are particularly advantageous for those looking to build a substantial corpus over time as the interest is compounded at regular intervals.

When it comes to NRO recurring deposit interest rates, they are typically higher than savings account rates, offering NRIs a better yield on their income generated within India. These rates are subject to change according to market conditions and the policies set by the financial institution. The interest earned on NRO deposits is subject to tax deduction at source in India. However, the advantage of the NRO recurring deposit is that it allows for greater flexibility in terms of deposit amounts and tenure, making it a versatile tool for financial planning for NRIs.

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.