Foreign Currency Non-resident-Banks (FCNR-B)

• Maintain your account with a minimum balance of USD 1000 or equivalent.
• Can be held jointly with other non-resident individuals.
   
• Deposits in Pound Sterling, US Dollar, Canadian Dollar, Australian Dollar, EURO and Japanese Yen are accepted.
• Deposits/interest fully repatriable.
• 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.
• Deposits in CAD, AUD and Japanese Yen are accepted for maturity period of 1 to 3 years
• The principal and interest earned on your FCNR (B) Deposit account is tax exempted.
• Nomination facility available.

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.

• Transfer of funds from existing NRE accounts to FCNR(B) accounts and vice versa, of the same account holder, is permitted.
• Loans against deposits subject to a maximum of Rs.20 lacs in Indian Rupees and in foreign currency available on easy terms.
• 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.
• Acceptance & execution of Standing Instructions.
   
• Addition and Deletion of names of account holders, in case of joint accounts is  permitted.
• Premature withdrawal for the purpose of renewal at better interest rate prevailing currently is permitted without penalty clause subject to conditions.