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Can you break NRE fixed deposit Prematurely? ICICI vs SBI vs HDFC vs Kotak

One of the common questions amount NRI investor putting their money on NRE fixed deposit is whether they can close the NRE fixed deposit before maturity or not? and if breaking the NRE FD is allowed then what is the penalty? This is a very good question and every NRI should ask this to himself or anyone suggesting he open an NRE fixed deposit account.

Yes, you can close the NRE fixed deposit before it gets matured but interest will be calculated at the rate applicable for the period the deposit has actually remained with the bank and you might need to pay the penalty as well, which varies from bank to bank e.g. ICICI bank has different penalty than HDFC or Kotak Bank.
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