FCNR (Foreign Currency Non Resident Account)
FCNR stands for Foreign Currency Non Resident Account (Banks)
- This is a kind of fixed deposit account opened for depositing income earned overseas.
- The account is held in foreign currency.
- Account available in a choice of 7 currencies: USD, GBP,JPY, CAD, AUD, SGD, and HKD
- These accounts are exempt from TDS in India.
- Overdraft against FCNR can be provided. The overdraft amount will be disbursed in INR and the funds can be utilized in India only.
- Interest is not paid if the deposit is prematurely withdrawn before completion of 1 year.
- Post 1 year there is no premature penalty charges, the applicable rate for which the deposit has been held is provided.
- FCNR deposits can be opened for tenures of 1 year upto 5 years.
- Funds held in this account are freely repatriable.
Master Circular on Non-Resident Ordinary Rupee (NRO) Account
Master Circular of instructions relating to deposits held in FCNR (B) Accounts
Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits
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Disclaimer :
The information on this webpage is not tax, legal or investment advice, and no member of ICICI Bank Group has given you any advice.
Nothing in this document is intended to constitute legal, tax, securities, or investment advice, or an opinion regarding the appropriateness of any investment, or a solicitation of any type.
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