FCNR Accounts FAQs
Can I transfer funds from a third-party account to open an FCNR FD?
No, FCNR FDs can be opened with funds from Accounts where the name of the recipient (FD holder) and the remitter (Account holder) is the same.
What is the tenure for which I can open an FCNR Deposit?
You can maintain an USD FCNR deposit for a tenure ranging from 12 months to 60 months. In case of AUD, CAD, GBP, SGD tenure ranges from 12 months to less than 36 months.
How can I renew my FD?
You can request for FD Renewal by applying online through option available in your Internet Banking.
Can I transfer the FCNR(B) FD closure proceeds to a third party account?
FCNR closure proceeds need to be transferred to an account where the FCNR (B) FD holder is a primary applicant.
Is interest earned on FCNR account taxable in India?
No, Interest earned on FCNR Fixed Deposit Account is not taxable in India.
Will I get a Cheque Book and an ATM-cum-Debit Card when I open an FCNR /NRE/NRO/RFC Fixed Deposit?
No, you will not get a cheque book or an ATM-cum-debit card with your Fixed Deposit.
Can I close my FCNR Deposits prematurely?
You can close your FCNR Deposits before the due date.
The following clauses would be applicable:
- Before completion of 1 year: No interest will be payable and no penalty will be levied.
- After completion of 1 year: On premature withdrawal of the deposit, Interest shall be paid at the rate applicable to the amount and period for which the deposit remained with the bank and no penalty will be levied
Can I get loans against my FCNR Deposits?
Yes. The amount of loan that can be sanctioned would depend on the currency of the FCNR.