FCNR (B) [Foreign Currency Non-resident (Bank)]: Overview of FCNR - TopicsExpress

FCNR (B) [Foreign Currency Non-resident (Bank)]: Overview of FCNR (B) Accounts: ----------------------------------------------- # Can be opened only by an NRI or jointly with other NRIs. Nomination facility available (Nominee can be a resident Indian). Deposits can be opened in USD, EURO, GBP, CAD, JPY, AUD, CHF, DKK, NZD and SEK. # Deposit can be made for a minimum of 1 year and a maximum of 5 years. # Minimum deposit USD 1000 or equivalent. Both principal and interest are payable in foreign currency. Hence, there is no exchange loss on principal and interest. # Premature withdrawal is subject to a penal interest of 1%. # No interest is payable if the deposit is closed within a year. Rupee loans can be taken in India against the security of the deposit. By the depositor(s) By third parties # Interest earned on FCNR (B) accounts is exempt from Indian income tax.

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