Rupee Linked Foreign currency Deposit(RLFCD) scheme for NRIs

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Rupee Linked Foreign currency Deposit(RLFCD) scheme for NRIs

  • Product : Rupee Linked Foreign Currency Deposit for NRI
  • Eligibility : Non Resident Indians
  • 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).
  • 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.
  • 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. For current interest rates on deposits click here

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