PREMIUIM RUPEE ACCOUNT
Premium Rupee Account is a unique offer from SBT to its high value NRI customers. By taking advantage of the favorable position exchange rates and forward premia of various currencies SBT is providing an attractive return to NRIs for their hard earned money.
Invest your NRE Rupee funds (Balance in NRE account or fresh remittance to NRE account) for a minimum period of 366 days (1 year and 1 day) and earn higher returns. Minimum amount of deposit Rs.5 Lac.
This is a special NRI Deposit product, which offers better return on NRE funds by way of interest on the FCNR Deposit plus benefit from the forward premium in the foreign exchange market. NRE Rupee funds are converted as FCNR deposit in Foreign Currency which has the highest forward premium in the market. A forward contract is booked for the maturity amount and on the maturity date the maturity amount will be converted to NRE Rupee account at predetermined conversion rate.
You will be issued FCNR deposit advice duly recording the exchange rate at which the maturity amount will be converted to Rupee on the maturity date and the maturity amount in Rupee.
SBT is leveraging its Forex Treasury expertise to carry out these operations for your benefit in a hassle free manner.
Deposit can be retained as NRE with all its concessions and benefits and still fetches better return.
The effective rate is better than the benefit derived out of NRO deposits, since the interest is totally tax free.
The expatriates of Bahrain who are deprived of the benefit of Double Taxation avoidance Agreement can opt this product to get better return on their investment than NRO deposit.
Maturity amount gets credited to NRE Rupee account with assured returns
Rupee Loan facility is available against this deposit at interest rate linked to SBT base rate.
Risk factors: The only risk factor is that premature closure is not normally permitted for this deposit
What you should do:
Channel funds to your account and request your branch to open SBT Premium Rupee Account. The application form placed in the website may be signed and sent to your branch.
Note: FCNR Deposit opened with remittance in Foreign Currency (wire transfer) also can be covered under the scheme by way of booking a forward contract as similar to that mentioned above.
For further clarifications please contact NRI Help Desk at email@example.com
+91 471 2353916