Loan against Deposit

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Loan against Deposits - NRI

Overview

  • Loan can be taken to carry any business activities, for acquiring a flat / house in India or for meeting emergency financial requirements. It cannot be granted for re-lending or carrying out agricultural / plantation activities or for investment in real estate business. Loan amount cannot be repatriated abroad.
  • It can be availed in Indian Rupees or Foreign Currency against the security of NRE / NRO / FCNR (B) deposit
  • Loan will be given to depositor only
  • Interest is charged at monthly intervals in both Indian Rupee and Foreign Currency loan
  • Premature withdrawal of underlying :
    • NRE / FCNR deposit is not permissible
    • NRO deposit is permissible but outstanding Principal and Interest will be settled first

Features

Deposit NRO TDR/STDR/RD NRE TDR/STDR/RD FCNR (B) TDR/STDR
Purpose Loan can be taken to carry any business activities, for acquiring a flat / house in India or for meeting emergency financial requirements. It cannot be granted for re-lending or carrying out agricultural / plantation activities or for investment in real estate business. Loan amount cannot be repatriated abroad.
Type of facility
  • Demand Loan
  • Overdraft
  • Demand Loan
  • Overdraft
  • Demand Loan
  • Overdraft
  • Foreign Currency Loan
Currency Indian Rupee Savings, Current, Fixed Deposits (TDR/ STDR) and RD
  • Indian Rupee
  • USD
  • GBP
  • EURO
Period of Loan Up to the remaining period of maturity Up to the remaining period of maturity
  • Rupee Loan: Up to the remaining period of maturity
  • Foreign Currency Loan: Up to 1, 2 or 3 year or up to the remaining period of maturity with a minimum of one year.
Loan can be availed from Home branch in India Home branch in India Designated branches in India or at foreign office
Minimum Loan No limit No Limit
  • USD 25000
  • GBP 15000
  • EURO 20000
Maximum Loan No limit No limit No limit
Margin DL/OD in INR against FCNR(B)
  • 5% Margin in case the residual tenure of Time Deposit is up to 36 months, as on the date of availing of loan.
  • 10% Margin in case the residual tenure of Time Deposit is more than 36 months and up to 60 months as on the date of availing of loan.
  • 15% Margin in case the residual tenure of Time Deposit is more than 60 months as on the date of availing of loan.
Residual maturity period of Deposit: Margin
upto 1- year 10%
upto 2- years 20%
upto 3- years 30%
upto 4- years 40%
upto 5- years 50%
Margin DL in Foreign Currency against FCNR (B) (in USD, GBP, EURO) FCL Not available
Residual maturity period of Deposit: Margin
upto 3- years 10%
Above 3-years and upto 5- years 15%
Interest rate on rupee loan 1.00% over the TDR/STDR rate 1.00% over the TDR/STDR rate 2.90% over 1-year MCLR (presently 1-year MCLR is 7.00%)
Interest rate on Foreign Currency loan FCL Not available FCL Not available *150 BPS over applicable FCNR(B) deposit rate.
Facility for creation of Overdraft (OD) through Internet Banking Available (Please click here to know features and other details of this facility) Available (Please click here to know features and other details of this facility) Not available
Execution of Documents
  • If availed from branch in India: To be executed by depositor himself / herself at home branch and not by Power of Attorney holder
  • If availed from overseas branch: As per the policy for respective foreign office
Repayment of Loan
  • Adjustment of underlying deposit
  • Fresh inward remittance
  • From other NRO account
  • Adjustment of underlying deposit on maturity only
  • Fresh inward remittance
  • From other NRO / NRE account (The repayment from NRO account will be within the cap of USD one million per financial year)
  • Adjustment of underlying FCNR (B) deposit on maturity only
  • Fresh inward remittance
  • From other NRO / NRE account (The repayment from NRO account will be within the cap of USD one million per financial year)
Interest rates applicable Please click here for interest rates

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Last Updated On : Thursday, 11-07-2024

Interest Rates

8.50%* p.a. onwards

w.e.f. 05.04.2024

*T&C Apply.

 

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