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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 the currency in which the deposits are made.
  • These accounts can be opened jointly with other NRIs.
  • Opening of FCNR (B) in the name of individuals/ entities of Bangladesh/ Pakistan nationality/ ownership requires prior approval of Reserve Bank of India.
Finance
  • These accounts are exempt from Income Tax in India.
  • Loans with the tenure and interest rates as given below can be given against an FCNR FD:

    Minimum tenure: 1 year Maximum tenure: 5 years

    Rate of Interest: LIBOR/SWAP rates + 200 bps for tenure between 1 to less than 3 yrs & LIBOR/SWAP rates + 400 bps for tenure between 3 to 5 yrs (as fixed by RBI from time to time)

  • Interest is not paid if the deposit is prematurely withdrawn before completion of 1 year.
Remittance
  • The funds held in these accounts can be remitted back overseas freely subject to terms and conditions of the resident country.

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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