Overview of FCNR Deposit
FCNR Deposit allows you to hold your overseas earnings in foreign currency without converting them into Indian Rupees and protect it from exchange rate risk
Features of FCNR Deposit
Currencies
Funds can be maintained as Term Deposit in 6 currencies – USD, GBP, EUR, JPY, CAD and AUD
Repatriable
Funds are fully and freely repatriable (both principal and Interest)
Exempt from Tax
Interest Earned is exempt from tax in India
Compounding
Interest on FCNR deposits is compounded on 180 days
Tenure
The deposit can be opened for tenures ranging from a minimum of 1year upto a maximum of 5 years.
Rates
To earn interest on FCNR deposit, it needs to be kept for a minimum of one year
