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What Is FCNR Account?

Monday, October 15, 2018, 6:10 PM

FCNR deposits stands for Foreign Currency Non-Repatriable account deposits. This is a Fixed Deposit Foreign Currency account and not a savings account. Deposits in this account can be made in any of the major currencies like US Dollar, UK Pound, Canadian Dollar, Deutsche Mark, Japanese Yen and Euro.
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Interest rates on FCNR account

Friday, May 5, 2017, 5:52 AM

The interest rates vary between terms and from currency to currency. Also, different banks offer different rates. The interest rate for a one-year FCNR deposit in US dollar would be different from the same for deposit in the Australian dollar. Interest rates on FCNR term deposit accounts should be set by the board of directors of particular bank, under the broad mandate of RBI-regulations.
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Are FCNR Deposits Taxable?

Friday, May 5, 2017, 5:47 AM

The interest earned on FCNR account is tax-free in India. However, you may be subject to tax in the country of your residence for such interest. Interest on FCNR deposits is tax exempt as long as an individual qualifies as an NRI or not ordinarily resident. Interest earned on FCNR account will be taxable when an individual becomes a resident in India.

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