Foreign Currency Linked Rupee Deposits (FCLRD) Scheme

Your Business Deserves The
Right Financial Partner.

Open a Bank of Baroda Current Account.

Foreign Currency Linked Rupee Deposits (FCLRD) Scheme

This deposit plan offers the dual advantage and benefits of both NRE Rupee Deposits and FCNRD Deposits. Moreover, since the maturity value is determined in foreign currency at the time of application, the risk of losing money due to a fall in the exchange rate is eliminated.

  • Option to keep the deposit receipt free of cost in Bank's safe custody.
  • Acceptance & execution of Standing Instructions
  • Automatic Renewal on due date for similar period at the prevailing rate of interest in the absence of fresh instructions to ensure that your money grows timely
  • Intimation of due dates enable you to plan your finance portfolio.
  • Addition and Deletion of name of account holders is permitted.
  • Provision for nomination.
  • Provides for easy liquidity and convertibility.
  • Your money stays secure with the bank.
  • Secrecy / confidentiality of your transactions and accounts are maintained.
  • The minimum deposit amount is USD 10000/- or its equivalent.
  • NRI's can open this account by Inward remittances in any convertible currency from abroad through normal banking channels by way of:
    • Demand drafts.
    • SWIFT
    • Foreign Currency.
  • Foreign Travellers cheques (during their personal visit) as well as transfer from any non-resident (External) Rupee Savings & Fixed Deposit account or Foreign Currency Non Resident deposit accounts of any NRI on maturity.
  • However local Rupee cheques and Cash Currency in Indian Rupees cannot be deposited in this account.
  • The remittance received from abroad is converted into Rupees and placed in NRE Rupee Deposit for 12 months. The customer is required to book forward contract for the maturity amount on the date of deposit itself.
  • The effective yield to the customer will be the difference between the Rate of Interest on NRE Rupee deposits and the Forward Premium prevailing on the date of effecting the transaction.
  • The deposit is subject to the Rules framed by the Reserve Bank of India.
  • Deposit will be accepted for period of 12 months only. In case of premature withdrawal of the deposit receipt, the receipt needs to be signed by all the depositors irrespective of the operational instructions "Either or Survivor", or "Anyone or Survivors/Survivor".
  • Deposit Receipts are not transferable by endorsement.
  • Deposit Receipts will, when so required, be issued in the names of two or more persons and be made payable to any one or more of them or to any one or more of the survivors of them or the last survivor. However, all the persons must be Indians resident abroad or persons of Indian origin, resident abroad.
  • Deposit will be accepted for period of 12 months only. In case of premature withdrawal of the deposit receipt, the receipt needs to be signed by all the depositors irrespective of the operational instructions "Either or Survivor", or "Anyone or Survivors/Survivor".
  • Interest on deposits will be paid on maturity along with the principal. No interest will be payable for deposits run for less than twelve months.

You can see below links also

Apply Now

Please fill in the below details.

( * ) Marked fields are mandatory

All fields are mandatory

Name *
Email *
Mobile *
State *
City *
Captcha Code *
Captcha

EMI Calculator

APR Calculator
  • Total Interest
  • Total Amount
Monthly Payment Rs. 1,977.00

Apply Now

Last Visited Page

X
Back to Top