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Last Modified : Apr 23, 2007 1:13 PM
Foreign Currency Non-Resident (FCNR(B)) Account
         
Eligibility Premature Withdrawal
Period Loans / Overdrafts
Currency Overdue Deposits
Repatriability Operations in the Account
Nomination NRI Remittance
Tax Benefits Download Application Form - html | pdf
   
 
Eligibility

NRIs are eligible
Non-Resident Indians, persons of Indian origin / nationality, residing outside India are eligible to open FCNR (B) deposits.
         
Period

These deposits are accepted for a minimum period of 1 year and maximum period of 5 years only.
         
Currency

FCNR(B) deposits are presently accepted in three major foreign currencies, the Pound Sterling,   US Dollar and Euro..
         
Repatriability

Interest earned as well as the principal amount is repatriable freely and can be remitted abroad in the currency of depositor's choice. These funds can also be credited to NRE SB A/c after conversion into Indian Rupees and the balances in NRE account are also repatriable abroad.
         
Nomination

Nomination facility is available.
         
Tax Benefits

Interest earned is free from Income Tax.
         
Premature Withdrawal

If FCNR (B) deposits are withdrawn prematurely within the deposit period of 1 year, no interest is payable. Premature withdrawals after 1 year (if deposits placed for longer periods) will be subject to penal interest of 1% below the rate applicable for the period the deposit has remained with the bank.
         
Loans / Overdrafts

Loans & overdrafts can be availed against the securtiy of NRE deposits for business purposes or personal use. Such loans should not be used for the purpose of investment in India or for re-lending or for investment in farm houses / Real Estate.
         
Overdue Deposits

NRI depositors are requested to renew their deposits within 14 days of maturity to get the benefit of backdated renewal.
         
Operations in the Account

Power of Attorney can be given to Residents to renew the accounts on maturity.

Power of Attorney holder cannot

  1. Open an account
  2. Remit funds abroad except only to the non resident account. Remittance in favour of account holder is permitted provided specific power have been given in the Power of Attorney.
  3. Borrow against the deposit 
  4. Close the account.
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