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Home >> NRI Services >> FCNR Scheme
 
Foreign Currency Non Resident Accounts (FCNR (B) A/Cs)
 
  • These accounts can be opened out of foreign remittances or proceeds of NRE Accounts.
  • The Designated currencies are US Dollars(USD), Great Britain Pounds (GBP), EURO, Canadian Dollars(CAD) and Australian Dollars (AUD).
  • Conversion of Rupee into Designated Foreign Currency and vice versa for FCNR(B) Accounts will be at TT selling and TT buying rates respectively.
  • FCNR (B) deposits are accepted for a period of 1 year to 5 years in USD, GBP, EURO, CAD and AUD currencies. To get the benefit of compounding, the deposit is required to kept for a minimum period of 1 year and 1 day. No Interest is payable, if account is closed before completion of one year.
  • Loans permitted against these deposits on terms similar to loans against NRE Deposits.
  • Joint Accounts can be maintained and repatriation of funds can be done as applicable to NRE deposits detailed above.
  • On return of the depositor to India, the FCNR(B) A/c can be redesignated as RFC A/c.
  • Loans against FCNR(B) Deposits will be disbursed in Indian Rupees as well as in foreign currency.
  • In the absence of any instruction for automatic renewal of NRE/FCNR(B) Deposits, overdue deposits shall not be eligible for interest for the overdue period exceeding 14 days.
  • The penalty on  premature closure of FCNR (B) / RFC Term Deposits : 1% on the applicable rate for the period the FCNR (B) / RFC Term Deposit has remained with the bank after completion of one year.
 
 
 
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