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FCNR (B) Accounts
EligibilityNon-Resident Indians / Persons of Indian Origin
Benefits1. No Exchange loss to the customers as interest and principal amounts are payable in the same currency in which it is deposited.
2. 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.
3. Nomination facility is available. - - Nominee can either be a resident in India or a resident outside India .
Type of accountFDR / RIP
Tax Benefit1. Interest earned on these accounts is free from income tax.
2. Funds invested in FCNR accounts by Non-Residents are free from Wealth Tax.
Salient Features1. Accounts can be opened jointly with other Non-Resident Indians.
2. Deposits can be made by remittances from abroad or by transfer of funds from existing NRE accounts of the customer.
3. Joint accounts with resident Indians who are close relatives (as defined in Section 6 of Companies Act, 1956) of the NRI are permitted only on �Former (NRI) or Survivor (resident)� basis
4. Deposits can be opened in any one of the foreign currencies viz., Pound Sterling, US Dollar, EURO, Australian Dollar, Canadian Dollar, JPY, CHF, DKK and SEK. *
5. Deposit accounts cannot be opened/closed by a power of attorney holder.

* JPY � Japanese Yen, CHF � Swiss Franc, DKK � Danish Krone, SEK � Swedish Krona
Min AmtNo such stipulation
Max AmtNo such stipulation
Min Period1 year
Max Period5 year



 
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