FCNR deposits: Premature withdrawal rules at SBI, HDFC Bank, ICICI Bank, Bank of Baroda and Kotak Mahindra...

FCNR deposits offer higher returns but have strict premature withdrawal rules at SBI, HDFC Bank, ICICI Bank, Bank of Baroda and Kotak Mahindra Bank.

Premature withdrawal of FCNR deposits before one year is not allowed at these banks.

For premature withdrawal after one year, a penalty of 1% is typically applied, and interest is paid at the rate applicable for the period the deposit was held.