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NRIAccount.com :: What is Foreign Currency Non-Resident (FCNR) Account, India ?

FCNR Account

FCNR : Foreign Currency Non-Resident (Banks) Accounts

Non-Resident Indians can open accounts under this scheme. The account should be opened by the non-resident account holder himself and not by the holder of power of attorney in India.

These deposits can be maintained in 5 designated currencies i.e. U.S. Dollar (USD), Pound Sterling (GBP) and Euro, Australian Dollar (AUD) & Canadian Dollar (CAD).

These accounts can only be maintained in the form of terms deposits for maturities of minimum 1 year to maximum 5 years.

These deposits can be opened with funds remitted from abroad in convertible foreign currency through normal banking channel, which are of repatriable nature in terms of general or special permission granted by Reserve Bank of India.

These accounts can be maintained with our branches, which are authorised for handling foreign exchange business. (List of branches authorised for handling foreign exchange business linked at the end).

Funds for opening accounts under PNB Global Foreign Currency Deposit Scheme or for credit to such accounts should be received from: -

  • Remittance from outside India or
  • Traveller Cheques/Currency Notes tendered on visit to India. International Postal Orders cannot be accepted for opening or credit to FCNR accounts.
  • Transfer of funds from existing NRE/FCNR accounts.

If remittance is received in any currency other than USD, GBP, Euro, AUD & CAD, it will be converted into one of the designated currencies of remitter’s choice at the risk & cost of the depositor.

Rupee balances in the existing NRE accounts can also be converted into one of the designated currencies at the prevailing TT selling rate of that currency for opening of account or for credit to such accounts.

Payment of Interest

Interest on FCNR (B) deposits is being paid on the basis of 360 days to a year. However, depositor is eligible to earn interest applicable for a period of one year if the deposit has completed a period of 365 days.

For deposits upto one year, interest at the applicable rate will be paid without any compounding effect. In respect of deposits for more than one year, interest can be paid at intervals of 180 days each and thereafter for remaining actual number of days. However, depositor will have the option to receive the interest on maturity with compounding effect in case of deposits of over one year.

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