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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-
Important Facts About FCNR
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