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FCNR [ Foreign Currency Non-Resident (B) ] |
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Overview of FCNR 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, CAN$, 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
- Foreign currency loans can be availed at select SBI branches abroad against the security of FCNR deposits.
- Interest earned on FCNR accounts is exempt from Indian income tax.
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To open an FCNR account with a branch in India:
- Click here to download the account opening form.
- Fill up the account opening form and send it to the branch of your choice with the following documents:
- Two passport size photographs attested by you.
- Passport & Residence Visa / ID Card Copies duly attested by Banker / Notary Public / Indian Embassy / A person known to the bank.
- Initial remittance.
- Signature in the account opening form, verified by any one of the following persons / entities:
- Indian Embassy / Consulate / High Commissioner.
- Your bank abroad.
- A person known to the bank.
- Notary Public.
- Enclosures (any two of the following):
- Cheque drawn on bank account abroad.
- Latest Overseas Bank statement in original.
- Copy of Telephone / Electricity Bill.
- Cancelled paid cheque of your overseas bank A/c.
- Copy of proof of drawing income / Employee ID / Labour Card.
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Interest Rates:
Click here for Interest Rates. |
Other Facilities:
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