FCNR Account

Question

FCNR Account

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.

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Answer 1 · 2019-08-23

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-

US Dollar (USD)
Australian Dollar (AUD)
Canadian Dollar (CAD)
Pound Sterling (GBP)
Euro (EUR)
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.

FCNR Account

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