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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 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 concerted 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 generally above the yield one normally gets through the card rate.

The broad features of the scheme are given below:

Who can open the account



To enable the NRIs to maximize the yield on the rupee deposits.

Period of Deposit

1 year

Rate of Interest

As applicable to FCNR (B)- Term Deposit

Other Conditions

The deposit should be placed under FCNR (B) scheme only.

  • All rules relating to NRI deposits viz Joint Accounts, Nominations, Additions/Deletion of Names, interest application etc are the same as applicable to FCNR (B) term Deposits.
  • Minimum Amount of Deposit is USD 10,000 or equivalent
  • No premature extension is permitted
  • Premature withdrawal of deposit will not be permitted. Under exceptional circumstances  (to be decided by the branch head), if premature withdrawal is permitted then the depositor will be required to bear the losses both by way of penalty for premature closure and on account of cancellation of forward contract in addition to other charges/fees incurred by the bank. However, gains, if any, made by the bank on account of cancellation of forward contract will not be passed on to the depositor.
  • Maturity amount will be paid in INR only.