Please read this article related to FCNR + FOrward Cover product (HDFC Rupee Max etc)
Hi, Some private banks are offering such structured products They combine featiure of FCNR account + Forward contract for INR.
As per my discussions with banks, JPY based product is currently giving highest yield ( 13% - 14% )
Yes Bank Premium Rupee Plan
Kotak Rupee Advantage Plan Deposit
Certain points to note
1) Minimum investment amount is High (around Rs 35 lakh) . For e.g. Kotak is asking USD 50000 for yen product. (on their website it is USD 25000)
2) Also, In their calculation, they show the effective yield.
Effective Yield for NRE FD - 9.5% 5 year FD = The effective yield on NRE FD comes at 11.89% (and it should be used for comparison, not 9.5%)
Also, you can break NRE FD in case of emergency. But there will be liquidity issues with the structured product.
Based on your situation,you can take decision. If you ahve high amount to invest & donot need money for 5 years, then you can consider these products.