National Toll Free No1800 425 00 000
National Toll Free No1800 425 00 000

FCNR (B) Accounts

FCNR (B) Accounts


  • Non-Resident Indians / Persons of Indian Origin


  • No Exchange loss to the customers as interest and principal amounts are payable in the same currency in which it is deposited.
  • Loan is available against the deposit as per extant RBI guidelines from time to time. Currently loans are available to the extent of Balance available subject to margin requirements . The facility of premature withdrawal shall not be available where loan against such deposits are to be availed of.
  • Nomination facility is available. – – Nominee can either be a resident in India or a resident outside India.

Type of account

  • FDR / RIP

Tax Benefit

  • Interest earned on these accounts is free from income tax.
  • Funds invested in FCNR accounts by Non-Residents are free from Wealth Tax.

Salient Features

  • Accounts can be opened jointly with other Non-Resident Indians.
  • Deposits can be made by remittances from abroad or by transfer of funds from existing NRE accounts of the customer.
  • Joint accounts with resident Indians who are close relatives (as defined in Section 6 of Companies Act, 1956) of the NRI are permitted only on
    • Former (NRI) or Survivor (resident)
    • basis
  • Deposits can be opened in any one of the foreign currencies viz., Pound Sterling, US Dollar, EURO, Australian Dollar, Canadian Dollar, JPY, CHF, DKK and SEK.
  • Deposit accounts cannot be opened/closed by a power of attorney holder.
  • JPY
    • Japanese Yen,
    • CHF Swiss Franc,
    • DKK Danish Krone,
    • SEK Swedish Krona

Min Amt

  • No such stipulation

Max Amt

  • No such stipulation

Min Period

  • 1 year

Max Period

  • 5 year