interest rate on following deposit, value and term for today fcnr (b) deposits 0. 36 mio and above (1 year to less than 2 years term) (this rate is applicable for one day only i.).
Fcnr (b) deposit tenor 1 year and up to 5 years forward contract tenor 1 year and up to 5 years minimum deposit usd 10,000 or equivalent fcnr(b) deposit will be placed in usd only forward contract can be booked for final return in inr, gbp, euro, cad, aud or jpy no charges for booking forward contract.
at the time of booking the fcnr, a forward agreement is drawn to exchange the maturity amount of the foreign currency in inr at a predetermined exchange rate (forward rate). The contract will also have lien on fcnr deposit as the contract is based on fcnr maturity amount.
Forward booking depositor to book forward contract for the maturity value of the deposit for the due date by a written request in the prescribed format suggested by international banking division (ibd)-south indian bank which is available in our website. (help desk-download forms-nri banking accounts-application for forward booking).
A special deposit devised to make your money work harder and smarter, so you can earn higher returns in rupeesforeign currency. Forward contract is a contract entered into for any transaction of a future date wherein the rate is fixed today. In such a scenario the loss arising out of the fluctuation in the market is nullified.
A forward contract is an agreement between two parties to exchange certain items of value on predetermined terms. Many banks offer a structured product, usually known as fcnr deposit with forward cover that combines the features of an fcnr account and a forward contract.
so if you booked a forward contract to exchange money at rs. 80, you would have made a gain or loss depending on whether the exchange rate is rs. 85, you would be better off not entering into forward contract.
The fcnb premium account combines the benefits of a fcnr (b) deposit with forward cover to give attractive return to the depositor. Overview of fcnb premium account fcnr (b) deposit is to be opened in usd, gbp, eur, cad, aud, and jpy. Minimum deposit usd 2000, gbp 2000, eur 2000, cad 2000, aud 2000, and jpy 200,000.
while the forward contract protects the depositor from unfavorable movements in the exchange rate, investor wont be able to take advantage of any favorable movements. For that, he will need to break the forward contract at a feepenalty. Result combining fcnr deposits with forward cover could increase the return (yield) from 2.
the swap deal was introduced as a means to encourage banks to attract more us dollars into india. 5 per annum for all fresh 3-year fcnr deposits raised between now and november 30, 2013.
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