Learn more about the New Foreign Currency Non Residential Plus Bank Account Schemes from TMB.
Scheme has been introduced with a view to offer better yield on the FCNR (B) Deposits by booking a forward contract for the principal and interest of FCNR (B) Deposit i.e. the maturity amount of the FCNR (B) deposit. On maturity, the depositor will receive the proceeds in Indian Rupees at the contracted exchange rate. FCNR PLUS deposit has a competitive edge over the NRE Deposits.