RBI Directives
The Reserve Bank of India has recommended some time limits for which FDs/term deposits can be made.
- Foreign Currency (Non-Resident) Account (Banks) Scheme (FCNR (B) Account) - 12 months to 60 months.
- Non-Residents (External) Rupee Account Scheme (NRE Account) and Non-Resident Ordinary Rupee Account Scheme (NRO Account) - Duration is at the Sole discretion of the bank offering the deposit scheme.
But Banks generally do not pay any interest if these FD Accounts are closed before the 12 month period.
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