Foreign Currency (Non Resident) (FCNR) accounts can be opened by non-resident Indians and persons of Indian origin.
Accounts can also be opened jointly with Resident close relatives on Former or Survivor (F or S) basis.
The accounts can be opened as Term Deposits in the following currencies:
- US DOLLAR (USD)
- GREAT BRITAIN POUND (GBP)
- EURO (EUR)
- JAPANESE YEN (JPY)
- CANADIAN DOLLAR (CAD)
- AUSTRALIAN DOLLAR (AUD)
- NEW ZEALAND DOLLAR (NZD)
- SWISS FRANC (CHF)
- SINGAPORE DOLLAR (SGD)
Minimum amount of deposit shall be:
- USD 1000
- GBP 1000
- EUR 1000
- JPY 100000
- CAD 1000
- AUD 1000
- NZD 1000
- CHF 1000
- SGD 1000
- The period of deposit will be 1 year to 5 years.
- Interest will be paid on maturity, in the same currency of the deposit.
- Interest will be compounded at half yearly rests.
- The maturity proceeds inclusive of interest is fully repatriable.
- Forward contract can be booked for conversion of proceeds into Indian Rupee, if needed.
Premature closure is allowed. However, the interest payable in such cases will be one percent below the rate applicable for the period the deposit has run.
No interest is allowed on a deposit if closed prematurely before completion of one year.
Loan against deposits can be availed in Indian Rupees without any ceiling subject to usual margin requirements.