Banking Options For NRIs in India
Types of Fixed Deposits (FDs)
The minimum amount required to open an FD in $600. There are two types of FD as mentioned below:
Special Term Deposits
In this type of FD, the earned interest is added to the principal and compounded quarterly. Along with the principal amount on maturity of the deposit, this amount id mounted up and repaid.
Ordinary Term Deposits
In this type of FD, on every quarter, the earned interest is credit to the investor’s account, which can either be held with the bank or in a bank account of his choice. If asked for, then interest may be credited on a monthly basis.
