Forward Plus is a forward contract taken against an underlying foreign currency fixed deposit placed with the Bank. It allows you to hedge the exchange rate risk between the foreign currency deposit and your base currency.

Forward Plus is a forward contract that locks the exchange rate during the term of the forward contract until the date of maturity.

Your money will get converted and be placed in a foreign currency fixed deposit of your choice. The Forward Plus contract will be then be booked against the currency of your deposit.

Your principal remains intact as long as you do not withdraw your foreign currency fixed deposit or cancel the forward plus contract before the maturity of your foreign currency deposit. In the event of pre mature withdrawal of the deposit, you may get an amount less than your principal amount deposited.

The available currencies will be the same as what we are offering for our foreign currency fixed deposit. Please check with us on the available currencies at the time of your placement.

Subject to the applicable terms and conditions, Forward Plus protects you against any currency movement as your forward rate will be fixed till the maturity of the contract.

Yes. Please check with us for the full list of currencies.

The available tenors are from a minimum of 3 months to a maximum of 3 years.

In case there is a need to withdraw the deposit prematurely, the Forward Plus contract needs to be first cancelled. This will be done at the prevailing market rate and it might result in a loss that will be payable by you.

Please visit any of our branches where our officers will gladly qualify and assist you with the Forward Plus application.

Please visit any of our branches where our officers will gladly qualify and assist you with the Forward Plus application.

Forward Plus can be taken in single or joint names. Kindly note that the account holder(s) need to be the same for both Forward Plus and the fixed deposit account to be used as an underlying collateral.

The minimum amount is USD100,000 or its equivalent in the respective currency.

You will receive a Forward Contract Confirmation Letter from us that will contain the relevant information on the Forward Plus contract. This will be sent to you within 5 to 7 working days from the commencement date of the contract

Yes, you can take up a Forward Plus by placing the existing foreign currency fixed deposit as underlying collateral. Kindly note that the tenor of Forward Plus must not exceed the maturity date of the underlying fixed deposit.

All foreign currency deposits are not covered under the scope of SDIC

There is no upfront fee payable for Forward Plus.