Foreign Currency Non Resident (FCNR) (B) Account
A global account for a global citizen
Overview
A Global Account for a Global Citizen
- You may open FCNR Term Deposits in any permitted currency i.e. a foreign currency, which is freely convertible
- Period: 1 year to 5 years
- Minimum Deposit Amount: USD 1,000 or an equivalent amount
- 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
Eligibility:
- You are a Non-resident individual of Indian nationality or Indian origin
- In case of Person of Indian Origin (PIO), if the nationality is of Pakistan or Bangladesh, a prior approval from Reserve Bank of India (RBI) will be required
- For current interest rates on RFC Deposits, click here
- For our list of foreign exchange branches (‘B’ category), click here
- For our list of Overseas (NOSTRO) Accounts, click here
- For Frequently Asked Questions (FAQs), click here
- To download Account Opening Form, click here
- To access Document Checklist, click here
- For USA Patriot Act Certificate, click here
For more information about Forex Other Services, kindly call us on 41834500 /528 /529 /530 /542 /560
