FCNR Account
A Foreign Currency Non Resident Account (FCNR Account) allows customers to maintain funds as Term Deposits in various foreign currencies, thereby guarding customers against fluctuating exchange rates. Under this account both the principal amount and the interest can be sent back fully, and are taxable in India. The tenures range from 12 to 36 months.
Advantages Of FCNR Account
• Attractive interest rates
• Minimum deposit size is USD 1000, GBP 1000, EUR 1000 or JPY 2,00,000
• Loans are available upto 85% on the deposits at attractive interest rates
• Automatic renewal of deposit on maturity.
A Foreign Currency Non Resident Account (FCNR Account) allows customers to maintain funds as Term Deposits in various foreign currencies, thereby guarding customers against fluctuating exchange rates. Under this account both the principal amount and the interest can be sent back fully, and are taxable in India. The tenures range from 12 to 36 months.
Advantages Of FCNR Account
• Attractive interest rates
• Minimum deposit size is USD 1000, GBP 1000, EUR 1000 or JPY 2,00,000
• Loans are available upto 85% on the deposits at attractive interest rates
• Automatic renewal of deposit on maturity.