FCNR (B) Deposit

 

          FCNR (B) Deposit Account    

 

FCNR (B) Deposit Account is an ideal deposit option for managing foreign currency funds. Fixed deposits in designated foreign currencies (US Dollars, Sterling Pounds, EURO, Australian Dollars and Canadian Dollars) are available to NRIs. This deposit plan offers full repatriation of both principal and interest in your chosen foreign currency (USD, GBP, EUR, CAD or AUD) of your preference upon maturity. The plan's appeal lies in its easy liquidity, convertibility, and the tax-free nature of earned interest.

 

Documents:

 

  • Identity Proof: Passport Indian or Foreign.
  • Proof of NRI Status: Valid visa / Work permit / Overseas Resident Card depending on the country of residence etc.
  • Address Proof (Indian): Driving license, Voter’s ID issued by the Election Commission of India, proof of possession of Aadhaar number, job card issued by NREGA, letter issued by the National Population Register, Passport.
  • Address Proof (Overseas): Utility bill or a rental agreement in your foreign country of residence not more than three months old.
  • Proof of Indian Origin: Copy of your Person of Indian Origin (PIO) card, an Overseas Citizen of India (OCI) card or PIO declaration along with the documents to prove your connection to India.
  • Proof for Seafarer:
  • Valid Job Contract
  • Continuous Discharge Certificate (CDC), if the disembarkation stamp on CDC is not more than 180 months’ old
  • Expired contract letter (if the disembarkation stamp on CDC is not more than 180 days’,
  • Old Payslips evidencing employment with a shipping company (not more than 6 months old).
  • Tax related: Pan Card or Form 60, FATCA and CRS declaration.            

                   

Features & Benefits:

  • No exchange rate risk.
  • Repatriation Freedom: Repatriate both your principal and interest earned back to your home country at any time in your chosen foreign currency (USD, GBP, EUR, CAD or AUD) of your preference.
  • Tax-Free Interest: Enjoy tax-free interest earnings on your deposits.
  • Flexible Tenure: Flexible tenure options, ranging from 1 year to 5 years.
  • Peace of Mind: Secure your funds with nomination facilities and the option for joint accounts with "former or survivor" benefits with resident relatives.
  • Loan Options: Obtain loans for investments in India against your Deposit.
  • No Lock in Period: Premature withdrawal is permitted but Interest is only paid after completion of a minimum of 1 year.

NOSTRO Account Details Link.