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Features

Important information

Note

In case of USD FCNR (B) deposits booked for tenure three years and above:

  • The minimum lock-in period for the deposit will be one year. Premature withdrawal will be allowed after one year.
  • Premature withdrawal of the term deposit shall be subject to penalty of 1% on the interest rate payable for the tenor the deposit has been held with the bank. If premature penalty rate falls below the applicable interest rate for reduced tenure then penalty rate will also be reduced to the extent of applicable interest rate.
  • In the event of premature withdrawal of the deposit, the bank shall recover penalty from the depositor for all amounts equal to the total losses or costs incurred by the bank (including, without limitation, any loss or cost incurred as a result of the bank terminating, liquidating, obtaining or re-establishing any hedge or related position in connection with this deposit) that are or would be incurred under then prevailing circumstances. The bank shall be entitled to set-off such losses and costs incurred by the bank against the deposit and interest payable thereon. It is hereby clarified that such recovery and set-off by the bank may not fully safeguard the principal amount of the deposit.