Submitted by csb1234bank on Wed, 02/10/2016 - 14:56
CSB FCNR (B) Deposit Scheme
The Scheme for deposits in foreign currency (USD, GBP, EUR, JPY, CAD, AUD & CHF)
Permitted with other NRIs only
Term Deposits only
Minimum12 months, Maximum 60 months
USD/GBP/EUR/JPY/CAD/AUD/CHF (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
Principal and interest repatriable without any restrictions, at any time
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- Premature withdrawals permitted, no penalty for premature closure (No interest, if withdrawn within the minimum stipulated period)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