- FCNR accounts can be opened only by an NRI and kept in Term Deposits for fixed periods.
- It can be opened jointly with another NRI.
- Nomination can be in favor of residents or non-residents. Funds lying in the NRE Account on the death of an account holder can be repatriated to his non-resident nominee. For remittance of funds by resident nominee outside India for meeting the liabilities or for similar other purposes of the deceased account holder, prior approval of RBI is required.
- Deposits can be opened in USD, Euro, Sterling Pounds, Canadian Dollars and Australian Dollars.
- The minimum period of deposit is one year and maximum period is 5 years.
- No penalty is levied after the minimum period of 1 year, for the amounts up to `5.00 lacs or equivalent of $10,000 USD.
- Premature withdrawal permissible subject to 1% penal interest, after the minimum period of 1 year, for the amounts ABOVE `5.00 lacs or equivalent of $10,000 USD.
- No interest is payable if the deposit is closed within a year.
- Rupee loans can be taken in India against the security of the deposit.
- By the depositor(s)
- By third parties
- Foreign currency loans can be availed abroad against the security of FCNR deposits.
Customers, who wish to open an account for the first time with our bank, should send cheque / draft as initial remittance along with duly filled a/c opening form, passport copies, photograph, attestation of signature etc., to the Authorized Branch (Click here for IDENTIFIED FCNR BRANCH) to enable them to verify your status. Subsequently, the customers are advised to opt for SWIFT remittance quoting the Account Number / Customer Number, Name of Branch he / she prefers to open an FCNR a/c and the period of deposit.
Click here for Interest rates
Authorized FCNR Branches Click here for list of Authorized FCNR Branches
SWIFT Routing Formats Click here to Download the SWIFT Routing Formats