The deposit will be exempt from Gift Tax for one time gifting in case of NRIs only. In case of premature withdrawals within 6 months of deposit no interest is payable. As decided by the Bank from time to time. For present rates please refer Interest Rates . The interest rate will be the rate prevailing at the date of maturity.
Nomination is permitted.
As applicable to NRE Accounts. In case of premature withdrawals within 12 months of deposit no interest is payable. Non Resident Indians who stayed outside India for a continuous period of not less than 1 year and became a Resident in India on or after 18.04.92 are eligible to open RFC accounts with their respective banks. As determined by the banks based on market rates. USD 1000 or its equivalent.