FCNR Platinum deposit is a foreign currency deposit for “one year and one day” with forward booking to convert the maturity value of the deposit on the due date to INR and credited to the depositors NRE/NRO SB account at forward rate booked at the time of opening deposit. The return of FCNR Platinum deposit is comparatively higher than NRE/NRO Rupee deposits.

The salient features of the deposit product are as shown below:

1. Eligible Persons : Non Resident Indians

2. Denominated Currencies : US Dollar, Pound Sterling, Euro

3. Minimum Amount of Deposit : 10000 Units in each currency.

4. Period of Deposit : One Year and one day

5. Forward booking : Depositor to book forward contract for the maturity value of the deposit for the due date by a written request in the prescribed format suggested by International Banking Division (IBD)-South Indian Bank which is available in our Website. (Help Desk->Download Forms->NRI Banking accounts->Application for forward booking). The procedure is simple and the concerned branch will assist the customer.

The deposit is for a period of one year and one day and in case of pre-mature closure of the deposit, the cost of cancellation /charges of the forward contract will be recovered from the depositor. Minimum amount of deposit is 10000 Units in each currency.

The deposit will be closed and credited to the NRE SB account on the maturity date by the bank. The advantage in currency movement is exploited and passed on to the customers. The deposit,FCNR (B) Platinum offers a high return by way of forward premium in addition to FCNR interest. However returns may change depending on forward premium quoted and FCNR interest rate. Now the time is just right for NRI depositors. So please make use of the opportunity. Contact any of our branches for further details.