Unlimited benefits with a start-to-finish digital process with IDFC First Bank Home Loans
The only FASTag with triple benefits
You can now earn better returns compared to regular fixed deposits in foreign currency or in rupees by booking a Forward Contract against your deposits.Read More
• Get maturity value upfront with assured returns, regardless of market volatility
• Simplified documentation for booking deposits and FCNR forward contract applicationRead Less
Why Forward Contracts Against Fixed Deposits?
Better returns than NRE Fixed Deposits
An FCNR deposit is placed for a specific tenure and a forward cover is taken to provide fixed returns in Indian rupees to your account on the date of maturity. Due to the forward cover, the returns are guaranteed on maturity regardless of currency fluctuations.
Better returns than regular FCNR Deposits
An NRE deposit is also placed for a specific tenure and a forward cover is taken to provide fixed returns in foreign currency on the date of maturity. Due to the forward cover, returns are guaranteed on maturity regardless of currency fluctuations.
How to create Forwards against Fixed Deposits?
At IDFC FIRST Bank, it is an easy process to create Forwards against Fixed Deposits. Just follow these simple steps -
1. Contact your Branch/NRI RM for prevalent yields on Forwards against Fixed Deposits for your choice of duration and currency
2. Share the necessary documents with us
3. Select the source of funds from:
a. Inward Remittance
b. NRE account held at IDFC FIRST Bank
4. We will confirm the details of your Forwards against Fixed Deposits on recorded lines with the following details:
a. Principal amount, tenor, deposit interest rate
b. Maturity amount in FCY/Indian Rupees, forward rate, maturity date and annual yield