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Most Important Terms and Conditions (MITC)
Rupee Linked Foreign Currency Deposit Scheme for NRIs : Features
- Forward contract can be booked on maturity amount.
- Product: Rupee linked foreign currency deposit for NRI.
- Eligibility: Non-resident Indians.
- Period: 12, 24 and 36 months.
- 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 deposit has remained with bank for less than 12 months. The deposit receipt needs to be signed by all the depositors irrespective of the operational instructions "either or survivor", or "anyone of the survivor/survivors."
- In case of premature payment, besides loss of interest, forward contract has to be cancelled and exchange loss or gain between exchange rate (on the date of repayment) and forward exchange rate (quoted at the time of placement of deposit) shall be passed on to the NRI customer.
- 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.
- 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 and AUD. Source of funds - either from existing NRE/FCNR account or fresh inward remittance from abroad through normal banking channel.
Rupee Linked Foreign Currency Deposit Scheme for NRIs : Most Important Terms and Conditions (MITC)
- The minimum deposit amount is USD 10,000 or its equivalent.
- NRIs can open this account by Inward remittances in any convertible currency from abroad through normal banking channels by way of:
- Demand drafts
- Foreign Currency
- Foreign traveller’s cheques (during their personal visit) as well as transfer from any non-resident (external) rupee savings and 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 effective yield to the customer will be the difference between the yield derived based on forward premium prevailing on the date of effecting the transaction and rate of interest on NRE rupee deposit.
- The deposit is subject to the rules framed by the Reserve Bank of India.
- 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, 24 and 36 months.
- Interest on deposits will be paid on maturity along with the principal. No interest will be payable for deposits run for less than 12 months. For current interest rates on deposits click here.