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Canara Bank - Introduction
Types of Accounts - NRNRD{Non-resident Non-repartriable Deposit} Account
- NRNRD accounts can be opened in
the form of Term Deposit in Indian Rupees only.
- Deposits can be made out of
inward remittances from the country of residence or from any other country or from
existing NRE/FCNR(B) accounts without penal cut.
- NRNRD account can also be
opened jointly with other Non- Resident Indians (except Pakistani and Bangladeshi
nationals). The deposit can also be held by a non-resident jointly with a close resident
relatives.
- Deposits can be opened for
periods ranging from six months to three years. Recurring Deposits can be opened for
periods ranging from six months to three years in steps of three months.
- Interest is paid at quarterly
intervals.
- Interest accrued till 30-9-94
and the principal amount of the deposit would not qualify for repatriation outside India
at any time. Such proceeds shall be paid only in Indian Rupees and credited to the
depositor's NRO-SB account. However, interest accrued from 1-10-94 is eligible for
repatriation or credit to NRE/FCNR(B) accounts.
- Loans/Overdrafts in India to
deposit holders are available against security of deposits subject to usual norms
regarding margin, rate of interest etc., for purposes other than re-lending, carrying
agriculture/plantation activities or for investment in Real Estate business.
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