Foreign Currency Non Resident

FCNR full form stands for Foreign Currency Non-Resident Account. It is an investment option for Non-Resident Indians or NRIs to save money that they have earned overseas in foreign currencies. It allows you to maintain a Fixed Deposit or FD account in India while you are living in some other part of the world as NRI. The banks deal with the following currencies in their FCNR deposits: US dollars, Euro, Japanese Yen, Pound Sterling, Australian dollars, Canadian dollars, etc.

These accounts are Term Deposit Accounts which is different from Savings Accounts which means the interest is paid once the first year is completed. The interest you earn from FCNR is 100% Tax-free and the money is easily transferable to your other accounts.

BY Best Interview Question ON 27 Oct 2022

Suggest An Answer