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What is a FCNR account?

April 26, 2017account FCNR

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What is a FCNR account?

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FCNR (Foreign Currency Non Resident) Account is similar to the NRE account. The difference is that unlike the former, which is maintained in Rupees, you can have a FCNR account in US Dollars, Pound Sterling, Euro, Deutsche Mark or Yen.

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An FCNR account is a Foreign Currency Non-Resident (Bank) Account. 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 authorized for handling foreign exchange business. (List of branches authorized for handling foreign exchange business linked at the end). Funds for opening accounts unde