Product -Rupee Linked Foreign Currency Deposit for NRI
Eligibility-Non Resident Indians
Minimum Amount -Minimum USD 10,000 or its equivalent in any convertible currency including INR Equivalent. The deposit receipt shall be issued in any of denominated foreign currencies i.e. USD, GBP, EUR JPY CAD and AUD. Source of Funds -Either from existing NRE/FCNR account or fresh inward remittance from abroad through normal banking channel.
Period -12 Months (Fixed)
Rate of Interest- As applicable for FCNR (B) Scheme from time to time
Pre-mature repayment - Permitted, but no interest shall be payable in case of pre-mature repayment
Exchange loss on premature payment- Forward Exchange contract will need to be cancelled on pre mature payment. Besides loss of Interest in case of premature payment, NRI would have to bear Exchange loss on cancellation of forward exchange contract and Loss due to swap difference for early delivery of foreign exchange, if any.
Account Opening form-Existing NRE Term Deposit / FCNR application plus undertaking. Also available on Bank’s Website.
Expected yields- Depends on forward premium between two set of currencies. (at present 7.21% approx. per annum in case of USD forward premium for INR)