CSB FCNR (B) Deposit Scheme

The Scheme for deposits in foreign currency (USD, GBP, EUR, JPY, CAD & AUD)

Joint A/Cs

Permitted with other NRIs only

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)

Remittances to the a/c

• From abroad
• Proceeds/income of investments of repatriable nature
• Transfer from other NRE/FCNR accounts

Repatriability

Principal and interest repatriable without any restrictions, at any time

Tax benefits

Exempt from Income Tax, Wealth Tax and Gift Tax.

Other Important Features:

• Value from date of credit to our accounts abroad
• Deposits can be opened through remittances as DD/TT and TC/Foreign Currency or by transfer from balance in NRE accounts
• Deposits can be held as fixed deposit (FCNR-FD) or reinvestment (FCNR-FWD), NRE Plus (FCNR (B) FD for 366 days) and for periods from 12 months to 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• Premature withdrawals permitted, no penalty for premature closure (No interest, if withdrawn within the minimum stipulated period)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