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FAQs
On FCNR Deposit Account
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In what currency can my FCNR Accounts be maintained?
Under this scheme you can open Fixed Deposit Accounts in USD, GBP, EURO, JPY, AUD & CAD.
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What is the minimum amount with which I can open an FCNR Account?
| Minimum Initial deposit |
Minimum Add on deposit |
| USD 1,000/- |
USD 1,000/- |
| GBP 2,500/- |
GBP 1,000/- |
| EURO 2,500/- |
EURO 1,000/- |
| JPY 750,000/- |
JPY 750,000/- |
| AUD 1,000/- |
AUD 1,000/- |
| CAD 1,000/- |
CAD 1,000/- |
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What is the frequency of interest payment on my FCNR Deposit?
You can choose between receiving interest payments on your FCNR Deposits either half-yearly or annually.
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Can I transfer funds from my existing FCNR to open NRE / NRO Account?
Yes. You can transfer funds from your existing FCNR to open NRE / NRO Account.
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Can I have a Joint applicant on the FCNR Deposit?
Yes. You can hold the deposit jointly with other Non-Resident Indian(s) only.
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What taxes am I liable to pay if I have an FCNR Deposit?
As per the current guidelines, the entire deposit (principal and interest) is exempted from tax in India.
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Can I have a nominee for my FCNR Deposit?
Yes. Nomination facility is available under FCNR Deposit
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Can I avail of loan against FCNR Deposits?
Yes. You can avail of loan against your FCNR Deposits in Rupees or in Foreign Currency. The loan/overdraft can be used for personal purposes or for carrying on business activities other than
- Relending
- Agricultural/Plantation activities
- Real Estate Business
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Can I break my FCNR Deposit before the maturity period?
Yes. You can break your FCNR deposit before the maturity period. FCNR deposits will qualify for interest only if they have run for a 1 year period.
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What is the tenure & interest rate for which I can open FCNR Deposit?
Please click
here to know more for tenure & interest rate.
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Can my deposits with the bank be automatically renewed on maturity?
If you provide specific auto renewal instructions, the deposit will be renewed on maturity in accordance with the instructions. In the absence of any instructions, deposit will be renewed for the same period at the rates prevailing on the date of maturity.
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Is there a penalty on premature withdrawal of my FCNR Deposit?
No. There is no penalty on premature withdrawal of your FCNR Deposit
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