FCNR Deposits

    Features & Benefits

    Non Resident Indians (NRIs) / Person of Indian Origin (PIOs) being Indian Citizens as also foreign citizens of Indian origin (other than citizens of Bangladesh & Pakistan) can open foreign currency deposit accounts under this scheme. These accounts can only be maintained in the form of term deposits. Funds for opening accounts or for credit to such accounts should be received from :-

    • Remittance from outside India or
    • Traveler Cheques/Currency Notes tendered on visit to India. As per FEMA guidelines, foreign currency cash can be deposited only up to USD 5000 and the combined deposit limit for cash and travelers cheques is USD 10000 per visit.
    • Transfer of funds from existing NRE / FCNR accounts.
    (Please note: International Postal Orders cannot be accepted for opening or credit to FCNR accounts)

    The deposit provides you attractive benefits including
    • Deposits can be opened in 6 currencies - USD, GBP, EUR, AUD, CAD and JPY
    • Minimum balance required for Term Deposit is only USD 2500/- or its equivalent.
    • Principal along with interest freely repatriable in the currency of your choice.
    • No Exchange Risk as the deposit is maintained in foreign currency
    • Joint accounts are permitted with other NRIs / PIOs only
    • Tenure of FCNR term deposit varies from 1 year to 5 years
    • Interest paid on maturity or half-yearly intervals as per the your request
    • Interest earned is exempted from Income tax in India
    • Rupee loans against Deposits held in FCNR accounts are available to account holder as well as third party resident in India for specified purpose and specified conditions.
    • Nomination facility available
    • Operation by residents under power of attorney available for local payments and permitted investments. However, power of attorney holder cannot open or close FCNR accounts nor make gifts or facilitate loans.
    • Facility for automatic renewal of deposits on maturity

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