Home >> NRI Banking >> PRODUCTS / DEPOSIT SCHEMES >> FOREIGN CURRENCY NON- RESIDENT ACCOUNT (FCNR ACCOUNT)
Foreign Currency (Non-Resident) Account (Banks) Scheme (FCNR(B) Account)
Who can open an account
NRIs - individuals
Individuals of Bangladesh/ Pakistan nationality require prior approval of RBI
Joint account with resident individual:
In the names of two or more non-resident individuals
Permitted (The account can be in the joint names of Non Resident holder and the resident 'relative' with the operating instruction "Former or Survivor". The term 'relative' will be as defined in the Companies Act 1956.
Currency in which account is denominated
Can be maintained in any freely convertible currency like Pound Sterling, US Dollar, , Euro, Canadian Dollar and Australian Dollar
Type of Account
Term Deposit only
Period for fixed deposits
For terms not less than 1 year and not more than 5 years.
Rate of Interest
Please refer interest rates schedule.
Operations by Power of Attorney in favour of a resident by the non-resident account holder
i. To the Account holder
ii. To Third Parties
i. To the account holder
Permitted provided loan funds are used abroad. Permitted provided loan funds are used abroad
Foreign Currency Loans in India To the Account holder
To Third Parties
Purpose of Loan
i) to the Account holder
i) Personal purposes or for carrying on business activities.
ii) Direct investment in India on non-repatriation basis by way of contribution to the capital of Indian firms / companies
iii) Acquisition of flat / house in India for his own residential use.
ii) to Third Party
Fund based and / or non-fund based facilities for personal purposes or for carrying on business activities
To the account holder and Third Party
Fund based and / or non-fund based facilities for bonafide purposes.