IOB NRI PLUS DEPOSIT

IOB NRI PLUS DEPOSIT

IOB NRI Plus Deposit


The NRI PLUS deposit will be offered by branches designated to open FCNR Deposits. The deposit will be available for depositors who agree to receive their USD FCNR proceeds in repatriable Indian Rupees.

 

The product is FCNR deposit with compulsory Forward Cover i.e. Rate of interest is payable as applicable to FCNR deposits and the forward premium receivable, fixed at the time of opening the deposit as the additional yield on the said deposit.


Minimum amount of Deposit shall be USD 5,000.  The deposit can be opened out of fresh Foreign Currency remittances and also by transfer from NRE accounts/Rupee remittances by conversion from INR to US Dollars/renewal of existing FCNR accounts.

 

The period of Deposit is 12 months and the maturity of the Forward contract should coincide with maturity of the deposit.


In the event of premature closure of deposit, no interest will be paid and the cost of cancellation of the forward contract will have to be borne by the depositor and the swap gain if any will not be paid.

In case the customer desires to retain the deposit and cancel the forward contract, the cost of cancellation of the forward contract will have to be borne by the depositor and the swap gain if any will not be paid. The deposit would then continue to earn original contracted FCNR interest rate till maturity.

 

IOB NRI Plus Deposits should not be pre-closed unless the Forward Purchase Contract booked for such deposits has been closed.


Maturity Proceeds of IOB NRI Plus deposits will be paid only in repatriable Indian Rupees

Rupee Loans can be granted on the same terms and conditions as applicable to FCNR deposits.