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

FCNR [Foreign Currency Non-Resident Account)

FCNR [Foreign Currency Non-Resident Account)

  • Deposits can be opened for periods ranging from 1 year to 5 years in any of the 9 designated currencies viz: US Dollar, Pound Sterling, EURO, Australian Dollar, Canadian Dollar, Japanese Yen , Swiss Franc, Danish Krone and Swedish Krone
  • Deposits can be made by remittances from abroad or by funds held in existing NRE accounts.
  • Accounts can be opened jointly with other Non-Resident Indians.
  • No Exchange loss as interest and principal amounts are payable in the same currency in which it is deposited.
  • Interest is compounded every half yearly.
  • . 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.

  Tax Benefits

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