High Yield Currency Plan
A game changer for your investments
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Invest in an Indian Rupee deposit for NRIs & PIOs and benefit from lower tax with high and secured returns.
Interest earned are exempted form Income tax in India
Fully and freely repatriable deposit
It can be jointly opened by NRIs/PIOs only
Fixed Tenure of 12 Months
To avail this facility, you have to provide the duly filled and signed forward cover form along with the regular Term deposit / account opening form for booking NRE deposit.
Rates and Yields offered are provisional and subject to change at any time without prior notice. Please contact your Branch or Relationship Manager to confirm the yield before actual placement of funds.
NRI’s – Non-Resident Indians
PIOs – Persons of Indian Origin
* Citizens of Bangladesh and Pakistan do not qualify as PIOs even if they satisfy the above conditions
Documentation for Non Resident Indian, while submitting the account opening form / documents at Kotak Bank Branches in India:
Documentation for Non Resident Indian, while sending the account opening from / documents overseas:
The above documents mentioned under a, b and c needs to be attested by:
Documentation for Person of Indian Origin (PIO), while submitting the account opening form / documents at Kotak Bank Branches in India:-
Documentation for Person of Indian Origin (PIO), while sending the account opening from / documents overseas:-
The above documents mentioned under a, b, c and d needs to be attested by:
Documentation for Seafarer employed with foreign vessels, while submitting the documents at Kotak Bank Branches in India:-
All KYC documents provided to be mandatorily self-attested, except on furnishing original documents / certificates.
The Premature withdrawal of NRO Retail Fixed Deposit is permissible. However, for a period of less than 15 days - no Interest payable; from 15 days to 180 days, subject to card rate at the time of booking deposits for the period for which it is held, will be payable. After 180 days, subject to card rate at the time of booking deposits for the period for which it is held, after deducting the penal charge of 0.5% on the rate which is applicable.
For Fixed Deposits with tenure below 181 days, interest will be calculated at maturity as Simple Interest.
HYCP is an investment option where in Forward Cover for 1 year is executed on NRE deposit thereby providing higher yield in FCY, irrespective of fluctuation in foreign currency.
The tenure of NRE deposit has to be 1 year only.
HYCP can be opened singly by NRI's / PIO’s or jointly with NRI / PIO only.