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What is an FCNR deposit?
FCNR stands for Foreign Currency Non-Resident (Bank) deposit. It is a fixed-term deposit that NRIs (Non-Resident Indians) and PIOs (Persons of Indian Origin) can open with an authorised Indian bank.
Unlike a regular Indian fixed deposit, the funds remain in the original foreign currency and are not converted into INR. For example, if you deposit USD 10,000, you will receive USD 10,000 plus interest in USD at maturity.
Related FAQs
Which currencies can be held in an FCNR deposit? Does Instarem offer FCNR deposits? What type of account can I send money to for an FCNR deposit? How do I open an FCNR deposit? How long does the transfer take? Is there a minimum or maximum amount for this transfer?Didn’t find what you were looking for?
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