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.
Federal Bank now offers an innovative product 'Federal Rupee Plus',
which is a tailor-made investment product for your requirements.
Key Features:
- 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 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.
- 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 against INR as on the date of cancellation as compared to the spot rate on the date of booking the contract.
- Loan against the deposit will be permitted on terms and conditions applicable to AAS on FCNR deposit.
The Currencies and the minimum amount are specified below
Currency Amount
| Currency | Amount |
| USD | 10,000 |
| Euro | 10,000 |
| AUD | 10,000 |
| GBP | 10,000 |
| CAD | 10,000 |
| Yen | 1,000,000 |
| CHF | 10,000 |
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