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Are NRO/ NRE account holders eligible for loans/ overdrafts against their fixed deposits?

April 26, 2017account deposits eligible fixed HOLDERS Loans NRE nro overdrafts

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Are NRO/ NRE account holders eligible for loans/ overdrafts against their fixed deposits?

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Yes, however the banks are prohibited from granting fresh loans or renewing existing loans in excess of Rupees 20 lakhs against NRE and FCNR (B) deposits either to the depositors or third parties.