Foreign Currency Non-Resident Fixed Deposit
Foreign Currency Non-Resident Fixed Deposit
The Foreign Currency Non-Resident (FCNR) deposit account scores over the NRO and NRE accounts since it can be opened in five different currencies. However, these accounts cannot be savings or current accounts, and must be in the form of term deposits. As they enjoy the same tax exemptions as NRE accounts, deposits into FCNR accounts can be fully repatriated to the country of residence.
ApplyFeatures
- A FCNR can be opened in four major currencies including US dollars, Pound Sterling, Euros, and Singapore dollars.
- Deposits can be made by remittances from abroad, by funds held in existing NRE accounts or by depositing foreign exchange brought to India.
- These accounts can be held only in the form of term deposits for 1 year to 5 years.
- On maturity, proceeds can be paid in foreign currency or Indian rupee as desired by the depositor.
- This account is secure because it protects the deposit holder from fluctuations in exchange rates.
- A FCNR account can be converted to an NRE account and vice versa.
- The interest on this account is compounded half yearly and is higher than international interest rates.
- The principal and interest on this account can be fully repatriated at any time.
- The deposit holder can appoint a resident Indian as a nominee, and does not have to pay any tax on this deposit.
- An NRI with a FCNR account can avail of a loan in India.
Eligibility
- FCNR A/C Open Only 4 Currencies. Currencies are USD, GBP, EURO & SGD
Documents Required
- All the requisites for complying KYC norms
- Attested copies of Passport and stamped work permit /visa
- Two photos
- Original documents to be verified while opening an account
