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Frequently Asked Questions

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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Are there any charges for booking?

No, there are no charges on booking of High Yield Currency Plan.

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What are the documentations required?

Following are the list of documents:-

  • Account Opening Form / Term Deposit Form to book NRE deposit
  • Forward Cover Form

The above forms need to be duly filled and signed by the respective term deposit holder.

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How the Maturity proceeds of HYCP be payable?

Maturity proceeds of HYCP would be payable in FCY Only.

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