“The result of this is that you earn FCNR deposit rate and forward premium which can be better than NRE fixed deposit rate. You can do so by booking a foreign currency non-resident (FCNR) deposit and sell its maturity proceeds through a forward contract. In an email sent to NRI customers, HDFC Bank said: “Depending on the forex market scenario, there could be an opportunity for you to earn better return than NRE fixed deposit rates.
A leading Indian bank is offering non-resident Indians (NRIs) guaranteed returns of 13 to 14 per cent on fixed deposits.
