FCNR Account Key Features: 9 Things About FCNR Accounts NRIs Must Know

Описание: FCNR account key features including 9 Things About FCNR Accounts An NRI Must Know. Essentially, a quick guide on the basics for FCNR accounts for NRIs.
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Watch video “How NRO, NRE and FCNR Fixed Deposits Are Taxed”

NRI Accounts & Deposits:    • NRI Accounts & Deposits  
00:00 Chapter 1 Introduction
00:15 1. Allows you to keep your funds in prominent foreign currencies
The list includes US Dollar, British Pound, Euro, Canadian Dollar, Australian Dollar and Japanese Yen.
00:28 2. Can be held as 1-5 year fixed deposits
The minimum tenure of such fixed deposits is one year, with the maximum term being 5 years.
3. No interest for withdrawal before 1 year
If you withdraw after one year, but before the term, the interest paid is 1 per cent below the contracted rate.
4. Account can be held individually or jointly with other NRIs
5. Operations allowed through Power of Attorney
This is restricted to withdrawals for permissible local payments or remittance to the account holder himself through normal banking channels.
6. Principal as well as interest amount are fully repatriable
In simple words, you are free to take out the money as and when you wish.
7. There is no tax on interest in India
8. Transfer to an FCNR account from other FCNR accounts allowed
9. Deposit continues even on becoming a resident
If you become a resident of India during the term, the deposit will be allowed to continue till maturity at the contracted rate of interest, if you so desire.