Invest in a foreign currency account that let’s you deposit up to 6 currencies and protect it from exchange rate risk.
Available in the form of term deposit in USD, EURO, GBP, YEN, AUD and SGD currencies
Auto renewal of term deposits on maturity
Fully and freely repatriable deposit (both principal and Interest)
FCNR deposits can be booked by debiting the NRE account through normal banking channel
Your FCNR deposit will be maintained in the following currency as specified / choose at the time of booking deposit. These are: USD, GBP, EURO, AUD, SGD and JPY currencies.
As per current guidelines, the principal amount as well as interest earned on FCNR deposit is exempted form Income tax in India.
Yes, the funds held in your FCNR (B) deposit are fully and freely repatriable (both principal and Interest).
In order to earn interest on your FCNR (B) fixed deposit, it needs to be kept for minimum of 1 year.