Foreign Currency Non Resident Account (FCNR Account)

FCNR accounts hold money in a foreign currency. This eradicates losses arising due to exchange rate variations. These accounts can be maintained in U.S. Dollars, Pounds Sterling, Deutsche Marks, Japanese Yen and Euros. A FCNR account is ideal for people who have to make payments in foreign currency.

The interest and the repayment of the deposit of a FCNR are also made in the same foreign currency in which the account is kept up. However, the depositor is eligible to obtain repayment in Indian rupees (INR).

Non-Resident Account holders can provide the power of attorney or any other right to an Indian Resident for operating their accounts in India. Interest rates on this account are subjected to the RBI guidelines.