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By Vipul Jain
FCNR stands for foreign currency non-resident account and it is the type of NRI bank account. So if you are a Non-resident of India and want to manage for FD in India then the FCNR account belongs to you. This account enables NRIs to save their hard-earned money from different countries. Most of the banks book deposits in selected currencies. Including US Dollars, Pounds Sterling, Euro, Japanese Yen, Australian Dollars, and Canadian Dollars.
Excited to know more about this type of NRI account? If yes then it is a perfect place to discover more about it. In this blog, we will discuss the features, eligibility criteria, permissible credits, their type, and many more. So stay tuned and become familiar with FCNR.
It is one of the best types of NRI accounts and non-resident Indians will get good returns on their foreign currency. Alongside your money will be held in denominations of foreign that also reduce the risk of exchange rate fluctuations. Additionally, the FCNR account ensures risk-free returns. Let’s check its features and become more familiar with this type of NRI account.
By adopting this way to transfer money from FCNR to the overseas account you need to add a beneficiary. To raise a fund transfer request for you and a third party from the NRE savings account to the FCNR account after adding beneficiary and request for remittance in his/her favor.
To Transfer funds from the FCNR account to the NRE account you need to download a standard request letter. After that, you need to fill out the form and post it to your home branch to transfer funds.
After knowing this many things about the FCNR account. It's time to know the steps to follow by which you can easily open this account.
You can apply for a Foreign Currency Non-Resident account easily just by following three basic steps. So let's discover them and make the procedure to open an FCNR account easier for our readers.
Ensure that you are fulfilling the eligibility criteria
Including Valid passport, Visa, Proof of NRI status, and other essential documents.
Apply: Visit a bank branch or apply online.
Besides this, many NRIs want to open a FCNR joint account. Are you among them? If yes then the next part of this blog is going to be beneficial for you.
If you are an NRI/PIO/OCI card holder then you can open and maintain their FCNR (B) accounts with your resident relative(s), but for that, you need to match the below-mentioned conditions.
The person you choose as co-applicant should be a member of a Hindu Undivided Family.
They are husband and wife or should have blood relations with each other.
After reading this blog on the FCNR account readers will get to know many things related to this type of NRI bank account. Above we discussed what is the FCNR account, its features, eligibility criteria, types of FCNR account, and many more.
So are you a non-resident Indian and want to open an FCNR account without facing any hurdles? If yes then we recommend you to hire Visament. It is one of the best immigration service providers and helps its clients with passports, visas, OCI, opening different types of NRI bank accounts, and many more.
The full form of FCNR is Foreign Currency Non-Resident Account.
FCNR account is a type of NRI Abnk Account that is used for fixed deposits. It allows non-resident Indians (NRIs) to keep their money in foreign currencies in India.
There is no limit on the amount of funds that can NRI taken out of India from the FCNR account.
No, only NRIs, PIOs, and OCIs can open an FCNR account in India.
When the FCNR deposit turns in maturity then it can be converted to a Resident Rupee Deposit Account or a Resident Foreign Currency Account at the account holder's discretion.
There are three different ways to fund your FCNR account including Remittance from abroad, Transfer from another account, and Foreign currency notes or traveler's cheques.
No, FCNR in the USA is tax-free till you are holding Not Ordinarily Resident status.
Yes, you can withdraw money from an FCNR account.
