Federal Rupee Plus
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, which is a tailor-made investment product for your requirements.
- Features & Benefits
- How to open ?
- Balance Requirement
- Federal Rupee Plus V/s FCNR Cash Certificate
- Unique feature of Rupee Plus scheme is that it is tax free and yield decent return without losing NRE status of their rupee funds.
- Deposit can be opened for various tenure- Minimum 1 year 1 day and maximum 5 year
- 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 an 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 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.
- No premature closure is allowed for the deposit
- Customer is not entitled to cancel the forward contract. Any request for cancellation may be decided by the Bank at its sole discretion at the exchange rate prevailing at the time of the cancellation. Upon such cancellation, Bank shall be entitled to recover/set off from the FRP, cancellation charges, exchange differences, swap cost and all other charges as may be determined by the bank.
- Loan against the deposit will be permitted on terms and conditions applicable to Loan Against Deposits of FCNR deposit.
- You can open Federal Rupee Plus through any branches of Federal Bank
Minimum amount required to open the deposit is 10 lakhs INR
- In an 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 you wish 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 and date are prefixed and maturity value is assured.