Rupee Advantage Plan
Rupee Advantage Plan
Specifically tailored for you to watch your wealth grow
Invest in an Indian Rupee deposit for NRIs & PIOs and benefit from lower tax with high and secured returns.
Interest earned is exempted from Income tax in India
Fully and freely repatriable deposit
It can be jointly opened by NRIs/PIOs only
Tenure from 1 year 1 day
up to 5 years
Invest through your foreign currency funds or Indian repatriable funds in FCRN deposit in number of currencies
Minimum FCNR amount is USD 25,000 and in deposit in other currencies minimum amount is 50,000 foreign currency
Assured returns (in Rs. ) irrespective of the future movements in currency markets
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 FCNR 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.
RAP is a FCNR deposit of 1 year 1 day upto 5 years payable in Rs. at the time of maturity. The return is based on the earning of 1 year 1 day upto 5 years FCNR deposit interest along with the forward premium of respective foreign currencies over rupee prevailing at the time of booking.
Below are the advantages of Rupee Advantage Plan
The tenure of FCNR deposit has to be 1 year 1 day upto 5 years only.
RAP can be opened singly by NRI's / PIO’s or jointly with NRI / PIO only.