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What Is FCNR Account?

What Is FCNR Account?

Friday, May 5, 2017, 10:55 AM

FCNR deposits stand for Foreign Currency Non-Repatriable account deposits. This is Fixed Deposit Foreign Currency account. FCNRs are not savings accounts but fixed deposit accounts. NRIS can place deposits in all major currencies including UK Pound, US Dollar, Canadian Dollar, German Deutsche Mark, Japanese Yen, Euro, etc. You can open an FCNR account for a minimum term of 1-year. The maximum tenure is 5-years.
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