FCNR Rates Corporation Bank

Can you tell me about the interest rates for FCNR or Foreign Currency Non Resident Account as offered by Corporation Bank in India to its customers?

[pawan]

FCNR or Foreign Currency Non Resident Account are provided by banks operating in India. It allows nonresident Indians to open fixed deposits in India and earn high interest rates.

The rate of interest depends on the period of deposit, payable at the rate as decided by the Bank from time to time.

FCNR Accounts

Type of Account
Fixed Deposit/Re-investment Fixed Deposit

Currency in which A/c is opened
At present FCNR can be opened in AUD, CAD, USD, EUR, and GBP

Joint Account
Joint A/c with another NRI is permitted
In case of joint a/c with resident the A/c can be on “FORMER OR SURVIVOR” basis ONLY

Minimum Deposit
Deposits can be opened in designated currencies with a minimum deposit amount of-AUD 1000, CAD 1000, USD 1000, EUR 1000 and GBP 1000

Forward Cover
Available

Repatriability
YES

Period of Fixed Deposit
Minimum 1year- Upto 5 Years

TDS on Interest
No TDS

INR Loan against FD to the a/c holder
Permitted, for arriving at the amount of loan and margin rupee equivalent may be calculated at the prevalent Notional rate or market rate whichever is lower on the date of release of loan.

Foreign currency Loans to A/c Holder
Permitted

Foreign currency Loans to third party
Permitted

Nomination
Nomination facility may be extended to the NRE account-holder. Nomination can be made by the depositor/s or account holder/s in favour of only one individual.


FCNR Rate of Interest