Reinvest in NRE on maturity of funds
Get highest possible returns on FCNR (B) deposits
No tax on interest income in India
The Cosmo FCNR (B) Double Bonanza is the zenith of term deposit account by Cosmos Bank on maturity for period of 1 year provided for NRIs and PIOs who reside in foreign countries. In the Double Bonanza account, the users facilitate with highest amounts of returns and the opportunity to reinvest the funds into NRE account. A minimum deposit amount of USD 10000 or its equivalent in Euro, YEN & Equivalent GBP has to ben invested (Minimum) by NRI / PIO.
The available currencies USD, Euro, GBP and JPY
FCNR Tenor of 1 year 1 day
Interest calculated on the basis of 360 days in a year on half yearly rest
Premature Closure of Deposit before 1 year is allowed. However, no interest will be paid. Moreover, premature closure will be allowed subject to cancellation of the forward contract and recovery of exchange difference / SWAP cost, if any.
If Forward contract is booked for maturity, the proceeds to be credited to NRE term deposits subject to confirmation of NRI status on the date of Maturity of FCNR
Joint account will be allowed with any eligible person (i.e NRI / PIO / Resident close relative).In case of joint account with 2nd name of Resident close relative,the account is to be opened on only 'Former and Survivor' basis.
Higher return on FCNR (B) deposit combined with forward cover in INR plan.
Depositor can take benefit of higher premiums on USD/GBP/EUR/JPY.
The booking of forward contract and its timing will be at the option and discretion of the depositor.
On maturity after conversion, the amount can be reinvested in NRE deposit for further period of minimum 1 year.
• Duly filled Account Opening Form
• Duly verified photo copies of Passport and Visa to confirm the residential status
• Duly verified photocopies of overseas address proof as well as of local address in India wherever applicable
• Any other document to comply with KYC norms, & FATCA CRS Form
• Forward cover request and agreement on stamp paper / franking of proper value as per rules
Renewal Facility is not applicable if forward contract is booked
Nomination is permitted
Loan availability will be as per the FEMA guidelines from time to time
Deposit will be kept at authorized ( B cat branches )
Repayment of NRE Deposits:
On maturity of NRE deposit, it will be either renewed for further period or may be credited to NRE savings/ normal savings or it may be repatriated to overseas bank account of the depositor as per FEMA guidelines, subject to confirmation of appropriate status of the depositor.
Conversion of FCNR (B) Deposit into NRE in the 1st year:
If forward contract is booked for maturity, the proceeds to be credited to NRE term deposits subject to confirmation of NRI status on the date of maturity of FCNR
Joint Account:
Joint account will be allowed with any eligible person (i.e. NRI / PIO / Resident close relative). In case of joint account with 2nd name of Resident close relative, the account is to be opened on only ‘Former and Survivor’ basis.
Interest:
For Rate of Interest Updated on monthly Basis