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As an NRI, you have multiple options to select from when it comes to opening a deposit account. To name a few, the options are:
A FCNR account stands for Foreign Currency Non-Residential Account. It is a term deposit account offered to NRE/NRO account holders and is similar to a regular fixed deposit . A FCNR account is a lucrative option for NRIs in terms of attracting foreign remittances. The interest rates offered by a FCNR account depend on the type of currency held and the bank.
Is FCNR a good investment?
Yes, if you are an NRI looking for a term deposit scheme, a FCNR term deposit is a suitable option.
Are FCNR deposits repatriable?
Yes, with a FCNR account, you can easily repatriate the principal as well as the interest earned to the country of residence/origin.
In which currencies FCNR deposit can be opened?
A FCNR deposit can be opened in many different currencies. To name a few: USD, Euro, SGD, Pound Sterling, etc.