FCNR(B) DEPOSITS
Foreign Currency Non-Resident ( Account) Banks Scheme (FCNR (B) Deposits )
- The Scheme for deposits in foreign currency (USD, GBP, EUR, JPY, CAD & AUD)
- Type: Term Deposits only
- Period: Minimum12 months, Maximum 60 months
- Designated Currencies: USD/GBP/EUR/JPY/CAD/AUD (Conversion from one designated currency to another also permitted)
- Funds from overseas/NRE account/other FCNR deposit
- Proceeds/income of investments of repatriable nature
- Principal and interest repatriable without any restrictions, at any time
- Exempt from Income Tax, Wealth Tax and Gift Tax
- Value from date of credit to our accounts abroad
- Deposits can be held as fixed deposit (FCNR-FD) or reinvestment (FCNR-FWD), NRE Plus (FCNR (B) FD for 366 days,36 months and 60 months)
- Premature withdrawals permitted, no penalty for premature closure (No interest, if withdrawn within the minimum stipulated period)
- Nomination facility available.
- No exchange risk. Principal and interest will be repaid in foreign currency
- Deposits transferable from another bank/branch on maturity
- Loans available in India up to 80% of deposits at ruling exchange rates
