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Any existing IDFC FIRST Bank NRI customer can open an FCNR Deposit with us.
Your FCNR deposit will be maintained in the specified currencies chosen at the time of booking deposit. The currencies are USD, GBP, EURO, AUD and SGD currencies.
As per current guidelines, the principal amount as well as interest earned on FCNR deposit is exempted from Income tax in India.
Yes, the funds held in your FCNR (B) deposit are fully and freely repatriable (both principal and Interest).
In order to earn interest on your FCNR (B) fixed deposit, it needs to be kept for minimum of 1 year.
The FCNR (B) deposit can be kept for maximum of 5 years.
Yes, you can open FCNR (B) fixed deposit jointly with Non Resident Indians / Person of Indian Origins. You can also hold your FCNR(B) deposit jointly with a resident relative on Former or Survivor basis only.
Funding into your FCNR (B) deposit can be done by following ways:-
Yes, Premature withdrawal of Retail Term Deposit is permissible. On Premature withdrawal, interest will be calculated at the applicable rate(on the date of placement of deposit), for the period the deposit has run. Premature Withdrawal Penalty shall be Nil. Also, no interest will be paid in case closure has been done within one year. To know more on penalty charges in detail, Click Here.
Yes, you can transfer funds from your existing FCNR (B) deposit, to open NRE / NRO account.
For detailed information on tenure and interest rates of FCNR (B) deposits, Click Here
The minimum amount required to open a FCNR (B) deposit is 1000 in your respective USD, GBP, EUR, AUD and SGD currencies.
No, you will not get cheque book and global debit card with your FCNR (B) deposit. You shall get a fixed deposit advice on booking a FCNR deposit.
You can access your FCNR (B) deposit through Net Banking and Mobile Banking App.
Currently, all FCNR deposits are getting auto - renewed upon maturity. However, you may choose to get the same closed as and when required by getting in touch with your Relationship manager and placing a closure request.
Yes, you can avail nomination facilities in your FCNR (B) deposit. A nominee can either be resident or non-resident as desired by the account holder.