High Yield Currency Plan Documents & Requirements - Kotak Bank
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Frequently Asked Questions

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What is High Yield Currency Plan (HYCP)?

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.

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What are the advantages of High Yield Currency Plan?

  • Principal protected
  • Fully repatriable
  • Have assured returns (in FCY) irrespective of the future movements in currency markets.

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What is the Eligibility for NRE deposit for booking HYCP?

The tenure of NRE deposit has to be 1 year only.

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Who can avail the High Yield Currency Plan?

HYCP can be opened singly by NRI's / PIO’s or jointly with NRI / PIO only.

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How does the HYCP work?

  • The money is invested in Rs. denominated NRE deposit.
  • This NRE deposit earns interest as per prevailing 1 year NRE interest rates.
  • Additionally, at the time of booking the NRE, a Forward cover is also taken to convert the maturity amount of Rs. to USD/GBP/EURO/JPY/CAD/AUD/SGD/AED and CHF (as applicable) at a given rate (Forward Rate) thereby yielding better returns.

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