FCNR Account

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.