FCNR(B) Accounts

Eligibility:

NRIs are eligible Non-Resident Indians, persons of Indian origin / nationality, residing outside India are eligible to open FCNR (B) deposits.

Period:

These deposits are accepted for a minimum period of 1 year and maximum period of 5 years only.

Currency:

FCNR(B) deposits are presently accepted in three major foreign currencies, the Pound Sterling, US Dollar and Euro.

Repatriability:

Interest earned as well as the principal amount is repatriable freely and can be remitted abroad in the currency of depositor's choice. These funds can also be credited to NRE SB A/c after conversion into Indian Rupees and the balances in NRE account are also repatriable abroad.

Nomination:

Nomination facility is available.

Tax Benefits

Interest earned is free from Income Tax

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