- You may open FCNR Term Deposits in any permitted currency i.e a foreign currency which is freely convertible
- Period: One year to Five years
- Minimum Deposit Amount: USD 1,000 or equivalent
- Jointly with other Non-resident or jointly with resident close relative in India provided first name account holder is an NRI on former or survivor basis
- Both the interest and principal are fully repatriable. Further, there would be no exchange loss as they would be repatriated in the currency of the deposit
- There is no tax on the principal or interest
- Account can be operated by a Power of Attorney Holder
You are eligible to open an FCNR (B) account if
- You are a Non-resident individual of Indian nationality or Indian origin
- In case, you are an individual of Indian origin, but Pakistani or Bangladeshi nationality, prior approval of the Reserve Bank of India would be required for opening the account
How do I open an FCNR (B) account?
- With funds remitted from abroad in any permitted currency through banking channels
- By surrender of Foreign Currency (FC)/ Foreign Currency Travellers Cheque (FCTC) to the Bank by the Account Holder in person while on a temporary visit to India, subject to CDF rules.
- By transfer of funds from an existing Non-Resident Account viz. FCNR(B) or NRE
Note: Third party TCs not permissible.
- For current interest rates on FCNR Deposits please Click here
- For our list of foreign exchange branches (‘B’ category) please Click here
- For our list of Overseas (NOSTRO) Accounts please Click here
- For FAQ's please Click here
- To download Account Opening Form please Click here
- Document Checklist
- USA Patriot Act Certificate Click here
- For more details about Forex Other Services contact us at 41834500/528/529/530/542/560