The Cent FCNR (B) Premium Plus Deposit Account is a specialized type of FCNR deposit that offers an additional advantage. It provides the option to book a forward contract, allowing you to convert the maturity proceeds of your FCNR (B) deposit into Indian Rupees (INR) at a predetermined exchange rate. This feature helps mitigate potential exchange rate fluctuations and provides greater certainty about the final value of your investment in INR. This deposit scheme is available in only three foreign currencies i.e USD, GBP and EUR.

Documents:

• Identity Proof: Passport Indian or Foreign.
• Proof of NRI Status: Valid visa / Work permit / Overseas Resident Card depending on the country of residence etc.
• Address Proof (Indian): Driving license, Voter’s ID issued by the Election Commission of India, proof of possession of Aadhaar number, job card issued by NREGA, letter issued by the National Population Register, Passport.
• Address Proof (Overseas): Utility bill or a rental agreement in your foreign country of residence not more than three months old.
• Proof of Indian Origin: Copy of your Person of Indian Origin (PIO) card, an Overseas Citizen of India (OCI) card or PIO declaration along with the documents to prove your connection to India.
• Proof for Seafarer:

• Valid Job Contract
• Continuous Discharge Certificate (CDC), if the disembarkation stamp on CDC is not more than 180 months’ old
• Expired contract letter (if the disembarkation stamp on CDC is not more than 180 days’,
• Old Payslips evidencing employment with a shipping company (not more than 6 months old).

• Tax related: Pan Card or Form 60, FATCA and CRS declaration. 

Features & Benefits:

• Deposit Period: 1 year up to 3 years.
• Minimum Deposit: USD 10,000 GBP 10,000 EUR 10,000.
• Forward Contract: 1 year up to 3 years (aligned with the deposit period) with No exchange margin. It offers a higher yield through forward premium.
• Flexibility: Booking a forward contract is optional; forward contract can be booked at any time during the deposit contract period.
• Forward Contract Cancellation: If, after booking a forward contract, the depositor decides not to utilize it at maturity and wishes to receive the funds in foreign currency, they must cancel the forward contract. Any resulting gain or loss from the cancellation will be passed on to the depositor.
• No Banking Charges: SWIFT charges are waived for FCNR (B) deposit-related transactions
• Free Debit Card: RUPAY Platinum Debit Card issuance/renewal charges are waived on customer’s NRE savings account.