FCNR (B) (Principal/Interest Repatriable)
The account can be opened by Individual NRIs, jointly with another NRI, Foreign Nationals of Indian origin and OCBs. These accounts are of term deposit nature available in fixed terms of 1 year to 5 years period. Presently the deposits are accepted in 5 major currencies viz the US Dollar, EURO, Great Britain pounds, Japanese Yen and AUD.
The maturity proceeds are totally repatriable.
The account opening application form can be downloaded from our website and is also available at our NRI desks at Bahrain / Kuwait / Dubai / Mumbai / Hyderabad / Aluva & New Delhi. The completed form alongwith the support documents as listed here under may submitted at any of our counters.
The accounts can be opened by remittances from abroad or by transfer of funds from the existing NRE/FCNR accounts. It can also be opened by tendering Foreign currency or Travellers cheque during the temporary visit to India.
|Effective(6th-Sep-2013)||Upto 3 Years||3 Years and Above|
|Deposit prematurely withdrawn within 1 year||No Interest Payable if prematurely withdrawn within a year||No Withdrawal is permitted within 1 Year|
|Penalty (Deductible from the proceeds)||1%||1% in case withdrawn after 1 year.|
|Swap Cost in case of premature withdrawal.||Applicable only for deposits over USD.30,000/-||Applicable on all deposits irrespective of amount of deposit. Shall be recovered from the proceeds.|
|Auto Rollover||Available||Not Available|
Along with the account opening form application, self attested copies of following be forwarded to complete the formalities as per the central bank ( viz Reserve Bank of India ) Know your customer guidelines:
Note : Mandatory to provide Permanent address and telephone number.