FCNR Plus A/c
foreign currency non residential plus account
Learn more about the New Foreign Currency Non Residential Plus Bank Account Schemes from TMB.
Scheme has been introduced with a view to offer better yield on the FCNR (B) Deposits by booking a forward contract for the principal and interest of FCNR (B) Deposit i.e. the maturity amount of the FCNR (B) deposit. On maturity, the depositor will receive the proceeds in Indian Rupees at the contracted exchange rate. FCNR PLUS deposit has a competitive edge over the NRE Deposits.
Account Highlights:
- Scheme
- The Scheme (FCNR Plus) is aimed to offer better yield on FCNR (B) Term Deposits by allowing the depositors to book Forward Purchase Contract for maturity value of the FCNR (B) deposit. In case of Half-yearly Interest payout, Forward Purchase Contract will be booked for the Principal amount only.
- Who can open
- NRIs / PIO / OCI
- Currencies Permitted
- USD, GBP, EURO, AUD, CAD, CHF and JPY
- Minimum Deposit
- US$ 25,000/-
- Tenure of Deposit
- 1 / 2 / 3 Years
- Tenure of Forward Contract
- Corresponding to the tenure of the deposit.
- Rate of interest
- As as that of FCNR-B Deposits.
- Interest payout option
- On Maturity: Cumulative Interest.
- Half-yearly:
- Simple Interest calculation.
- The first interest payout will be at discounted rate if the broken period is less than the period of 6 months.
- The half yearly interest payout can either be repatriated or converted to Indian Rupees at the market rate prevailing on the date of interest payout and can be credited to the depositor's NRE account.
- Interest payout will be made on the last working day of March and September and on the maturity date. If the last working day of March / September is a holiday then the half yearly interest payout will be made on the next working day.
- Maturity Proceeds
- Maturity proceeds / Principal payable in repatriable Indian Rupees at the contracted rate.
- Joint Account
- Permitted in the names of two or more Non Resident Individuals who are Indian Nationals or Person of Indian Origin. Joint accounts along with resident close relative of the NRI (relative as defined in Section 6 of the Companies Act 1956) can be opened on "Former" or "Survivor" basis.
- Premature Closure
- In the event of premature closure of the deposit:
- Deposits will not be permitted to be pre-closed unless the forward purchase contract booked for the concerned deposits is cancelled.
- No interest will be paid for the deposits which are prematurely closed before completion of one year from the date of opening. Please check our premature closure policy referred below for complete details.
- The exchange loss arising on account of cancellation of the forward contract will have to be borne by the depositor and the swap gain if any will not be paid.
- Cancellation of forward contract
- In case the customer desires to retain the deposit and cancel the forward contract, the exchange loss on account of cancellation of the forward contract will have to be borne by the depositor and the swap gain if any will not be paid.
- Repatriation
- Maturity proceeds can be freely repatriated.
- Nomination
- Permitted. In favour of one person only.
- Power of Attorney Holder
- Not Permitted. The account holder has to sign the Forward Contract Agreement.
- Loans
- Permitted subject to terms & conditions.
Premature Closure:
- Click Here for details about our current Premature Closure Policy.
