Learn more about the Foreign Currency Non Residential Bank Account Schemes from TMB.
This account facility is available to NRIs to invest in India in foreign currency to take advantage of the higher rate of interest offered.
Term Deposits in USD, GBP, EUR, CAD, AUD, JPY, CHF, HKD, SGD for a period from 1 to 5 years can be opened.
Remittances in other Currencies will be converted into any of the three currencies named above at the option of the depositor. Any subsequent change will be at the cost of the Depositor.
Interest is payable in the same currency of the deposit at Half yearly.
FCNR account can be opened jointly with other non-residents.
NRIs are now permitted to open joint accounts with their close relatives on former or survivour basis.
Nomination facility is available.
FCNR a/c can be converted or amount transferred to NRE, NRNR, and ONR accounts.
Repayment of Deposit and interest thereon are allowed to be repatriated outside India. No loss due to exchange rate fluctuations.
No interest shall be paid on deposits which are pre-closed before expiry of minimum period of ONE YEAR. For deposits having maturities over one year, if they are prematurely closed/withdrawn or renewed 1% interest shall be deducted from the rate applicable, for the actual period, for which the deposit remained with the bank.
Automatic renewal option is available in the opening form.
Matured deposit in full or in part shall be renewed for a minimum period of one year with effect from the date of renewal and the interest rate for the renewed portion will be the interest applicable for the total renewed period ruling on the date of maturity of the original deposit or on the date of renewal whichever is lower.
There is no ceiling on amount of Deposit. However deposits are accepted in minimum lots of USD 1000, GBP 500 and EURO 1000.
No income tax on interest earned.
No gift tax on Gifts made out of balances.
No wealth tax on balances held.
Transfer of deposits within India free of cost to depositor.