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FCNR Accounts

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Foreign Currency Non Resident (FCNR) Accounts are opened for Non Resident Indians. A Non Resident Indian (NRI) is an Indian citizen or foreign national of Indian origin resident outside India for purposes of employment, carrying on business or vocation in circumstances as would indicate an intention to stay outside India for an indefinite period. A person of Indian origin (PIO) is a citizen of any country other than Pakistan, Bangladesh or Sri Lanka, who

Salient features FCNR Accounts

Persons of Indian nationality or origin residing abroad.

Accounts can be opened in single name or in joint names with another non resident Indian.

Duly filled in Account Opening form with
Term / Fixed Deposit Accounts
1 year to 5 years
Accounts can be opened in US Dollars, Euros, Sterling Pounds, Canadian Dollars, Australian Dollars and Japanese Yen.
As the account is maintained in foreign currency, the exchange risk is born by the bank.
Credits in the accounts can be made by: If credits are received in a currency other than the currency of the account, the amount is converted into the currency of the account at prevailing exchange rates.
Payments/transfers from the accounts can be made by:
By account holder(s)
Interest rates are different for different currencies and different maturities.

Interest rates also vary from bank to bank.

Interest is applied in these accounts at half-yearly intervals

The interest may be paid either in lump sum at the time of maturity or it may be paid half-yearly as opted by the depositor.


Nomination can also be made in favour of resident Indians.

Allowed from one branch of the issuing bank to another.
No interest is paid if the account is closed before completion of one year.

Premature payments after completion of one year attract some interest penalty.

Exempted from Income Tax india.
The facility of auto renewal of deposits is available from banks.
The balances in FCNR accounts are free of Wealth-tax.

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Updated : Feb 05, 2019