Minimum Initial Deposit You can open a FCNR (B) account with J&K Bank with a minimum deposit of USD 1,000/- or equivalent.

Joint Accounts Joint accounts can be opened with one or more NRIs.

Currency We accept FCNR (B) deposits in six major foreign currencies, the US Dollar, Euro, GBP, AUD, CAD& Japanese Yen. However, you can send remittances in any other convertible currency, which will be converted into one of the designated currency as specified by you. Local rupee funds cannot be deposited

Maturity Period These deposits are accepted for a minimum period of 1 year and maximum period of 5 years in case of US Dollar, Euro, and GBP. In case of AUD, JPY& CAD, the deposit period can be from 1 yr to 3 yrs only.

Repatriability You can freely repatriate the principal amount and the Interest earned on your FCNR (B) deposit in any freely convertible currency of your choice. You can also credit these funds to your NRE SB A/c or NRE Fixed account after conversion into Indian Rupees. You can also transfer funds from your FCNR a/c o FCNR /NRE Savings/NRE Fixed Deposits of another NRI with our bank or another bank.

Interest Applicable Interest shall be paid in the currency of the deposits. Interest is payable half-yearly or annually at the option of the deposit holder. Rate of Interest is linked to respective LIBOR/SWAP rates, as per the extant guidelines of RBI.

Nomination Facility You can avail nomination facility on J&K bank FCNR (B) Deposit account.

Tax Exemptions The principal and interest earned on your FCNR (B) Deposit account is tax exempted.

Premature Withdrawal If FCNR (B) deposits are withdrawn prematurely within the deposit period of 1 year, no interest is payable. Moreover, penalty shall be levied to recover the applicable swap charges. However, the components of penalty (swap charges) should be brought to the notice of depositor at the time of acceptance of deposits. If the same is not done, then exchange loss arising out of premature withdrawal shall be borne by the bank. Premature withdrawals after 1 year (if deposits are placed for longer periods) will be subject to penal interest of 1% below the rate applicable for the period the deposit has remained with the bank. Moreover, penalty shall also be levied to recover the applicable swap charges, provided the same has been brought to the notice of depositor at the time of accepting deposits. However premature withdrawal for the purpose of renewal at better interest rates is permitted without penalty. However, the final maturity should not be earlier than the maturity date contracted earlier. Conversion of FCNR (B) deposits into NRE deposits and vice-versa shall be subject to the penal provisions relating to premature withdrawal.

Loans / Overdrafts Loans & overdrafts can be availed against the security of FCNR (B) deposits for business purposes or personal use. Such loans should not be used for the purpose of carrying on agricultural or plantation activities, investment in real estate business or for re-lending. These loans are available upto 90% of the principal amount & interest accrued. Loans in rupees in India or abroad can be availed by account holder. Foreign currency loans in India are also available to account holder. Loans against these deposits are also available to third parties provided these loans are in rupees. Foreign currency loans are not available to third parties.

Automatic Renewal In absence of instructions, the term deposit will be automatically renewed. Auto-renewal will be for a period of 1 year or for the same maturity term as the existing deposit, whichever is less.

• Open an account
• Remit funds abroad except only to the non-resident account holder. Remittance in favour of account holder is permitted provided specific powers have been given in the Power of Attorney.
• Borrow against the deposit
• Close the account.

Non-Resident Indians, persons of Indian origin / nationality, residing outside India are eligible to open FCNR (B) deposits. Individuals of Pakistan / Bangladesh nationality can open this account after prior approval of RBI.

NRI's can open this account by Inward remittances in any convertible currency from abroad through normal banking channels by way of:
• Demand drafts
• Telegraphic Transfers
• Mail Transfers
• SWIFT
• Foreign Currency
• Foreign Travelers cheques (during their personal visit) as well as transfer from any non-resident (External) Rupee Savings & Fixed Deposit account or Foreign Currency Non Resident deposit accounts of any NRI on maturity.
  However local Rupee cheques and Cash Currency in Indian Rupees cannot be deposited in this account.