At Union Bank of India, we try to provide better yields on your NRE rupee funds for 1 year tenure through our Union Smart Deposit Scheme based on the premium available in the exchange rate in the forward market. Under this scheme the existing NRE rupee funds, or fresh remittances received for placement in NRE SB/Term deposits of the bank, are converted at best exchange rate in one of the designated foreign currencies and kept as a 1 year FCNR deposit. Then simultaneously we provide a forward cover in Rupee at best exchange rate for the maturity value of the FCNR, and thus create higher yield which is generally above the yield one normally gets through the card rate.
The broad features of the scheme are given below:
To enable the NRIs to maximize the yield on the Rupee Deposits.
As applicable to FCNR (B) – Term deposit.
The Deposit should be placed under FCNR (B) Scheme only.