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An NRO (Non-Resident Ordinary) Recurring Deposit Account, maintained in Rupees, serves as a excellent option for NRIs to accumulate significant savings by consistently investing small sums each month. The monthly investment commitment is not big, but the cumulative effect of these savings with interest earned can result in substantial savings. Additionally, there is the flexibility to include an Indian resident as a joint holder.
Features of NRO Recurring Deposit
Documents Required
- RD Opening Form
- PAN / Form 60
GENERAL FORMS
NRO Recurring Deposit FAQ's
Yes, you can close your NRO Recurring deposit before maturity. Interest will be calculated at the rate applicable for the period the Deposit has actually remained with ICICI Bank plus applicable penalty.
Yes, you have the right to specify different nominations for your accounts by completing the appropriate forms. Further, you are at liberty to change the nominee during the course of your deposit period, through a declaration to that effect in the appropriate form.