If you are an NRI Customer looking for an NRE Rupee deposit scheme with assured returns, 100% tax free and freely repatriable, Federal Rupee Plus is the solution.
Federal Bank now offers an innovative product 'Federal Rupee Plus', which is a tailor-made investment product for your requirements. It is a derivative product which offers higher return for your rupee funds. It is all about profits and not about loses !
Reasons for choosing Rupee Plus
- Federal Rupee Plus is suitable and targeted for high net worth NRIs who wish to have an assured return on Rupee Deposit much higher than what is available under NRE Rupee deposit scheme.
- Unique feature of Rupee Plus scheme is that it is tax free and yield decent return without losing NRE status of their rupee funds.
- Period of deposit – 1 Year & 1 day only
- The deposit can be made by transfer from NRE account or by remittance from abroad in Indian rupee or in foreign currency.
- The deposit is opened as a FCNR deposit. Simultaneously a forward contract is to be booked, with delivery date coinciding with maturity date of the deposit for converting the maturity proceeds to Indian Rupee.
- The return for Rupee plus Accounts is the Premium on the corresponding currencies at the time of opening (based on daily forward rate) plus Interest rate return on FCNR Accounts. Premium on currencies varies daily and is subject to market fluctuations.
- The maturity proceeds will be paid in repatriable Indian Rupee only.
- Premature Closure of Federal Rupee Plus involves cancellation of Forward Contract. Cancellation of forward contract can cause gain or loss depending on how the foreign currency appreciates/depreciates Vs INR as on date of cancellation as compared to the spot rate on date of booking the contract.
- Loan against the deposit will be permitted on terms and conditions applicable to AAS on FCNR deposit.
- You can open Federal Rupee Plus through any branches of Federal Bank.
How Rupee Plus is different from normal FCNR cash certificate?
In a FCNR Cash Certificate, the deposit amount or maturity proceeds can be converted any time at the rate prevailing on the date of conversion for that particular currency if the customer wishes to do so. Whereas in a Federal Rupee Plus scheme, a forward contract is booked for the maturity value of FCNR with delivery date coinciding with maturity date of the deposit for converting the maturity proceeds to Indian Rupee at an agreed rate i.e. Conversion rate or date is prefixed and maturity value is assured.
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The Currencies and the minimum amount are specified below
| Currency |
Amount |
| USD |
10,000 |
| Euro |
10,000 |
| AUD |
10,000 |
| GBP |
10,000 |
| CAD |
10,000 |
| Yen |
10,00,000 |
 |
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