This deposit plan enables entire maturity proceeds i.e. principal and interest fully repatriable in Foreign Currency (USD, GBP, EURO, YEN, AUD & CAD) at par at a place of your choice. Funds may be transferred from FCNR A/C of one NRI to FCNR/Non Resident (External) Rupee Savings/Fixed Deposit accounts of another NRI.
Easy liquidity & convertibility, no income tax liability on interest earned and confidentiality of transactions and accounts make this an idea deposit plan.
Fixed deposits, in designated foreign currencies i.e. US Dollars, Sterling Pounds, EURO, Japanese Yen, Australian Dollar and Canadian Dollar from NRIs (Overseas Corporate Bodies (OCB) cannot have FCNR (B) Deposits effective from 16.09.2003).
Key Benefits
- Entire funds (Principal + Interest) held in FCNR accounts can be repatriated.
- Option to keep the deposit receipt free of cost in Bank's safe custody.
- Intimation of due dates enable you to plan your finance portfolio.
- Automatic Renewal on due date for similar period at the prevailing rate of interest in the absence of fresh instructions to ensure that your money grows timely.
- Acceptance & execution of Standing Instructions.
- Addition and Deletion of name of account holders is permitted.
- Joint account with One or more NRI's is permissible.
- Secrecy / confidentiality of your transactions and accounts are maintained.
- Your money stays secure with the bank.
- Premature withdrawal for the purpose of renewal at better interest rate prevailing currently is permitted without penalty clause (more information).
- Provides for easy liquidity and convertibility.
- No income tax liability on interest earned.
- Provision for nomination.
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