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FCNR (B) |
Foreign Currency Non-resident-Banks (FCNR-B) |
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Useful Information
- NRO Rupee Deposits |
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Foreign Currency
Non-resident-Banks (FCNR-B) |
This deposit plan
enables entire maturity proceeds i.e. principal and
interest fully repatriable in Foreign Currency (USD,
GBP, EURO, YEN, AUD & CAD) at a place of your
choice.
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Features |
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Maintain
your account with a minimum balance of USD 1000
or equivalent.
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Can be
held jointly with other non-resident
individuals.
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Deposits
in Pound Sterling, US Dollar, Canadian Dollar,
Australian Dollar, EURO and Japanese Yen are
accepted.
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Deposits/interest fully repatriable.
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Deposits
can be placed in the form of term deposits for a
minimum maturity period of one year and for a
maximum maturity period of five years.
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Deposits
in CAD, AUD and Japanese Yen are accepted for
maturity period of 1 to 3 years
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The
principal and interest earned on your FCNR (B)
Deposit account is tax exempted.
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Nomination
facility available.
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Add-on Facilities |
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Transfer
of funds from existing NRE accounts to FCNR(B)
accounts and vice versa, of the same account
holder, is permitted.
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Loans
against deposits subject to a maximum of Rs.20
lacs in Indian Rupees and in foreign currency
available on easy terms.
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Automatic
Renewal on due date for a minimum maturity of 1
year period at the prevailing rate of interest
in the absence of fresh instructions to ensure
that your money grows timely.
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Acceptance
& execution of Standing Instructions.
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Addition
and Deletion of names of account holders, in
case of joint accounts is
permitted.
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Premature
withdrawal for the purpose of renewal at better
interest rate prevailing currently is permitted
without penalty clause subject to conditions.
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Useful Information - FCNR
Deposits |
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Permissible Credits |
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Proceeds
of remittances received from abroad in freely
convertible currency through normal banking
channels.
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Proceeds
of personal cheques drawn by you on your foreign
currency account , bank
drafts payable in any permitted currency
including instruments expressed in Indian rupees
for which reimbursement will be received in
foreign currency, deposited by you in person
during your temporary visit to India.
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Proceeds
of Foreign Currency notes & Travelers Cheques tendered by you
during your temporary visit to India provided
a) The amount was declared on CDF wherever
applicable and
b) The foreign currency notes & travelers
cheques are tendered to the bank in person
by you.
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Transfers
from other NRE/FCNR accounts.
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Interest
accruing on the funds held in the account.
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Permissible
Debits |
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Local disbursements.
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Remittances outside India.
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Transfer to NRE/FCNR accounts
of the account holder or any other person
eligible to maintain such account.
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Investment in
shares/securities /commercial paper of an Indian
company or for purchase of immovable property in
India provided such investment / purchase is
covered by the regulations made, or the
general/special permission granted, by the
Reserve Bank.
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Any other transaction if
covered under general or special permission
granted by the Reserve Bank.
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How to Open
Deposit Accounts |
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