IOB NRI Plus Deposit
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.
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.
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.