NRE Deposits are 100% tax‑free and fully repatriable.
Nomination
Online nomination facility is available only while opening new term deposits through FedMobile. By using this facility, the depositor confirms that the nominee is a natural person, well‑known to the depositor and not disqualified under applicable law. If a juridical / artificial / non‑natural person is entered as nominee, such nomination is invalid and the Bank is not obligated to honour it.
For nomination in other services, submit a signed nomination form at the branch. (Click here to download the form.)
Other Terms and Conditions
- Premature withdrawal is governed by Bank scheme rules and RBI/IBA guidelines.
- Rules governing term deposits / FSF may change based on new guidelines.
- NRO category term deposits cannot be opened online.
- Minimum period for NRE deposits is 12 months.
- Premature withdrawal allowed; however, no interest is paid before completion of 1 year.
- 1% premature closure charge applies for all NRE term deposits.
- If NRI status becomes resident, all NRE deposits are redesignated as resident deposits and TDS applies.
- NRE RD penalty: ₹1 per ₹100 per month if unpaid within due date + 10‑day grace (minimum ₹10).
Accuracy of Information
The Customer must provide accurate information at all times. The Bank is not liable for consequences arising from incorrect details supplied by the Customer. If the Customer notices any error in Bank‑provided information, he must immediately notify the Bank.
The Customer shall hold the Bank harmless for losses caused by inaccuracies, errors, omissions, or misuse of the Facility, whether caused by the Customer, agents, staff, or unauthorized persons.
Authority to the Bank
The Customer irrevocably authorises the Bank to access all his accounts for transactions through the Facility. The Customer also authorises the Bank to share account information with third parties to process requests.
Personal information may be processed for analysis, credit scoring, fraud control, compliance, and participation in payment networks.
The Customer authorises the Bank to send SMS/notifications including promotional messages.
Such messages will not be considered a breach of privacy.
Fees
The Bank may revise fees applicable for any Facility. The Customer may discontinue the Facility at any time. Customer is liable for charges levied by mobile service providers.
Updated fee schedule will be available on the Bank’s website.
Set‑Off
The Bank and its affiliates have paramount lien and right of set‑off on all deposits, balances, securities, and assets held by the Customer with the Bank, in any capacity.
The Bank may adjust or appropriate funds without notice to settle any liabilities (whether actual, contingent, joint, or several).
This right survives the Customer’s bankruptcy, death, or incapacity.
Modification
The Bank may amend these terms anytime and will attempt to provide one‑month advance notice via email or website publication.
Termination
The Customer may terminate the Facility by giving 30 days written notice. All transactions performed prior to termination remain binding.
The Bank may suspend or terminate the Facility without notice for system maintenance, emergencies, security concerns, or customer violations.
Closure of all customer accounts automatically terminates the Facility.
Notice
Notices may be delivered electronically or physically. General notices may be displayed on the Bank website or sent via SMS.
Records
Bank records of transactions (including timestamps) are conclusive proof of authenticity.
Disclaimer of Liability
The Bank is not responsible if the Customer is outside network range, or if the Facility is disrupted due to telecom issues, system errors, natural calamities, or any factors beyond the Bank’s control.
The Bank is not liable for unauthorized transactions due to:
- Breach of terms by the Customer.
- Failure to notify the Bank about unauthorised activity or change of number.
- Errors by telecom or third‑party service providers.
- Security compromise of Customer’s mobile/SIM (e.g., cloning, malware).
The Bank is not involved in disputes between Customer and telecom providers.
The Customer is solely responsible for safeguarding MPIN, mobile number, and device.
Indemnity
Customer agrees to indemnify and hold the Bank harmless for all losses arising from actions taken based on Customer instructions, network failures, or unauthorized access due to sharing/loss of mobile device.
Governing Law
These terms are governed by the laws of the Republic of India. Access to the Facility from outside India does not imply applicability of foreign laws.
Disclaimer
The Bank may use external service providers or agents for delivering its services.