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FCNR (Foreign Currency Non Resident Account)

FCNR stands for Foreign Currency Non Resident Account (Banks)

Account Opening
  • 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 9 currencies: USD, GBP, EUR, JPY, CAD, AUD, SGD, HKD and CHF.
Finance
  • 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  • Interest is not paid if the deposit is prematurely withdrawn before completion of 1 year.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.
Remittance
  • Funds held in this account are freely repatriable.

Other Account
  • Update your Contact Details regularly
  • Use Internet Banking
  • Transact regularly

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Safe Banking

Latest RBI Regulations

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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Manage Your Money


Budgeting

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Preparing
financial plan

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Signals of
financial trouble

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Good habits of
personal finance

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Smart
Cybershopper

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Debit Card

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Credit Card

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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.

Deposit Accounts

Fixed Deposit Rupee Accounts
Fixed Deposit Foreign Currency Accounts
Recurring Deposit Rupee Accounts



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