Introduction
FCNR Deposits are specialised financial instruments that allow Non-Resident Indians (NRIs) to deposit foreign currencies in India. These deposits offer attractive interest rates and can be maintained in major global currencies like the US Dollar, Euro, and Pound Sterling. With an FCNR Account, you can hedge your foreign earnings against currency fluctuations.
Eligibility Criteria for FCNR Fixed Deposit
If you are a Non-Resident Indian national or a Person of Indian Origin, you are eligible. You can also hold the deposit jointly with other NRIs.
FAQs
You can hold your FCNR deposit in one of the following six foreign currencies: US Dollars, Australian Dollars, Pounds Sterling, Japanese Yen, Euro, or Canadian Dollars.
You can open FCNR Fixed Deposit Account by taking the following steps: Visit the HDFC Bank website, go to NRI-> SAVE-> NRI Deposits-> Fixed Deposit-> Foreign Currency Account FCNR Deposits. Follow the process to open the FCNR Deposit Account.
An FCNR (Foreign Currency Non-Resident) Account offers several key benefits to Non-Resident Indians (NRIs). Firstly, it allows NRIs to fully repatriate the principal and interest without restrictions. Secondly, deposits in FCNR Accounts are eligible for tax exemption in India. Moreover, NRIs can open the FCNR FD in several major foreign currencies and hold the FCNR Deposits jointly with other NRIs.