CUB FCNR Rupee Plus

Features

• The scheme CUB FCNR Rupee Plus is to offer better yield on deposits placed by NRI’s by allowing the depositors to book forward sale contract for maturity value of the FCNR (B) deposits. (i.e. The maturity value in foreign currency will be converted to Indian Rupee on the maturity date of the FCNR (B) Deposit at the pre-determined exchange rate.)

• In case of FCNR (B) cumulative deposits forward contract will be booked for maturity value (Principal + Accrued Interest) and
• In case of FCNR (B) Fixed Deposit forward contract will be booked for the principal amount. If the customer wants to book forward contract for half yearly interest that can also be done.

Higher Yield

• Earn a higher yield than a normal NRE Fixed Deposit.

Tenure

• Tenures of 1 to 5 years are available.

Withdrawals

• Premature withdrawal is available subject to terms and conditions.

Investment amount

• Minimum Rs. 50 lakhs or equivalent.

Who can Invest

• NRIs/PIOs/OCI

Tenure of Forward contract

• Corresponding to the tenor of the deposit.

Rate of interest

• Please refer our website: https://www.cityunionbank.bank.in/deposit-interest-rate



Interest Payment

• On maturity in case of cumulative deposit and for FD interest is payable half yearly.



Maturity proceeds

• Maturity proceeds payable in repatriable Indian rupees at contracted rate.

Joint Account

• Permitted.

In the event of premature of deposit

• The deposits will not be permitted to be pre closed unless the forward sale contract booked for the concerned deposit is cancelled. Interest will be not be paid for the deposits which are prematurely closed before completion of one year from the date of opening



Cancellation of forward contact

• In case the customer desires to retain the deposit and cancel the forward contact, the exchange loss on account of cancellation of the forward contract will have to be borne by the depositor and swap gain if any will be paid at discounted rate.



Please Note: The above, Subject to RBI Guidelines in force from time to time.