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Foreign Currency Non-Resident (Bank) Deposit - FCNR (B)
Home » NRI / FOREX » NRI Deposit » Foreign Currency Non-Resident (Bank) Deposit - FCNR (B)

Foreign Currency Non-Resident (Bank) Deposit - FCNR (B)

  • Deposits can be maintained in USD and EUR. We also consider FCNR deposits in other freely convertible currencies on demand.
  • FCNR (B) deposits are accepted for minimum period of one year and a maximum of five years.
  • Can be opened jointly with another NRI.
  • Also can be opened jointly with resident close relative on former or survivor basis (close relative as defined in sec 6 of Companies Act 1956)
  • Accounts can be opened/credited with remittances from abroad through normal banking channel/ personal cheques drawn on foreign bank accounts / transfer from existing NRE/FCNR accounts/foreign exchange brought during visit to India.
  • Both principal and interest are payable in foreign currency. Hence there is no exchange loss on principal and interest.
  • Bank deposits are free from wealth tax in India.
  • Interest earned on FCNR (B) accounts is exempt from Indian Income Tax.
  • Principal and interest are freely repatriable.
  • Loans against FCNR (B) deposits can be availed for purposes other than relending/carrying on agricultural/plantation activities/real estate business.
  • Nomination facility is available for FCNR (B) deposits.
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Saraswat-Bank
Saraswat-Bank