FCNR Account

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Foreign Currency Non-Resident or FCNR account is a fixed term account opened by NRIs or PIOs with the purpose to transfer their money in foreign currency to India.

An FCNR bank account is a fixed-term (minimum 1 year and a maximum of 5 years) account that can be opened by an NRI or a PIO to transfer their foreign income in the same currency.

These accounts can be maintained in 6 different foreign currencies-

  1. US Dollar (USD)
  2. Australian Dollar (AUD)
  3. Canadian Dollar (CAD)
  4. Pound Sterling (GBP)
  5. Euro (EUR)
  6. Japanese Yen (JPY)

Important Facts About FCNR

  • Can be held jointly by an NRI.
  • The account is fully repatriable.
  • Principal amount and interest accrued are tax-free.
  • A loan can be availed against the money in the account except for agricultural or plantation, Re-lending, real estate, and speculative investments.
  • Nomination facility is available.

 

ProStocks Non-PIS NRO Trading

 

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