what is FCNR?

[Hemapriya]

Meaning – Fully Convertible Non-Rupee Account. It can be maintained only in the form of ‘term deposits’ , i.e., a deposit kept for fixed periods ranging from 6 months to 3 years.

 

 

[Manikandan]

A fcnr account that can be opened for funds coming in from abroad or from local funds.the funds in the account are held in a foreign currency.

[Aravind Kumar]

With Interest rates on Fixed Deposits inIndia being significantly higher as compared to the Interest rates in the western countries, many NRI’s invest their surplus funds in fixed deposits in India through the 3 eligible forms of Bank Accounts allowed by RBI i.e.NROAccount, NRE Account and FCNR Account.

[Arunkumar.B]

The FCNR deposits are one of the safest, secure investment options which NRI’s can have and at the same time are also free from exchange rate risk.

[jeevithakomu]

FCNR – foreign currency non resident (bank) account who can open a FCNR a/c . The account can be opened in the name of NRI individuals (single /joint) or with resident Indians or former or survivor basis.

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