The accounts are convertible repatriable and are maintained in foreign currency in the form of fixed deposits. The account can be opened by non resident indians nri and overseas corporate bodies ocb.
Presentation By Ca Sudha G Bhushan Taxpert Professionals
Foreign currency non resident fcnr accounts can be opened by non resident indian and persons of indian origin.
Foreign currency non resident accounts can be opened as a. An rfc account can be converted to fcnrb foreign currency non resident bank or nre non resident external accounts in case the person becomes an nri again. The fcnr account is an account that can be opened in foreign currency only with an indian bank as the account name suggests. The same can be opened and maintained by a non resident indian who may be an indian citizen or a foreign citizen of indian origin residing outside india.
Foreign currency non resident fcnr accounts as the name suggests are deposits designated in foreign currency. The account is maintained in foreign currency. With the rupee continuing to remain volatile the foreign currency non resident fcnr account can be a good option for non resident indians nris looking to invest in india without worrying.
Pound sterling australi! an dollar canadian dollar japanese yen euro united states doll! ar are few currency types in which an fcnr account can be opened today. Diplomatic missions diplomatic personnel and non diplomatic staff who are the nationals of the concerned foreign countries and hold official passport of foreign embassies in india can open foreign currency accounts in india. A person resident in india may maintain a foreign currency account outside india if he had opened it when he was resident outside india or inherited it from a person resident outside india.
Non resident foreign currency accounts nrfc an nrfc account can be opened with any of the following currencies us dollar usd british pound. The account should be opened by the non resident account holder himself and not by the holder of power of attorney in india. You will be earning interest on the deposits in foreign currency only.
Can a resident continue to maintain an account outside india which was opened by him when he was a non resident. Foreign ! currency non residentaccount. The maturity period ranges from one year to three years.
This type of account can be opened for a minimum period of 1 year to a maximum of 5 years. These accounts are term deposit accounts with minimum maturity of one year. The account may be held in the form of current or term deposit account and in the case of diplomatic personnel and non diplomatic staff may also be held in the form of.
Accounts can be opened jointly with resident close relatives. The account will be maintained in foreign currency.
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