To illustrate as an example, if a deposit is placed for 5 years and after 1 year the depositor wants to close the deposit prematurely, then the interest rate applied will be the rate which was applicable for one year on the original date of deposit.
No interest is paid if the deposit is held for the tenure of below 7 days, the minimum period for Term Deposits as per RBI guidelines.Citizen rates are not applicable to NRO & NRE Term Deposits. Tenure for NRE Term Deposit is 1 year to 10 years.Tenure for NRO Term Deposit is 07 days to 10 years.BHIM Digital POS-UPI & Aadhar Pay App Mechants.
