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-deposit_copy/axis-bank-rewamp-banner-nri-deposit-foreign-currency-non-resident-(fcnr)-deposit-360x400-mob.jpg?sfvrsn=f8d60aef_1 "Foreign Currency Non-Resident Deposit (FCNR)")
Foreign Currency Non-Resident Deposit (FCNR)
Axis Bank is offering Foreign Currency Non-Resident Deposit (FCNR). With the FCNR you get assured returns on deposits booked for any of 6 currencies of your choice for a tenure ranging from 1 year to 5 years. Apply for the FCNR today to avail all the benefits of FCNR Deposit.
Features & Benefits
Choose deposit tenure from a period of 1-5 years
- Deposits in FCNR Deposit account should be for a minimum one year period and for maximum five year period
Choose from many permissible credits
- Foreign inward remittance
- Traveller's cheques or foreign currency tendered by the account holder personally
Interest on FCNR Deposits shall be calculated as below:
- For deposits upto one year, at the applicable rate without any compounding effect
Withdraw from deposit if and when you need to
USD- No penalty for individual deposit below USD 1 million
Read More
Choose deposit tenure from a period of 1 year - 5 years
Choose from many permissible credits
Interest on FCNR Deposits shall be calculated as below:
Eligibility for FCNR
Documentation for FCNR
To know more about documents, please click here
Frequently Asked Questions
Axis Bank provides a Foreign Currency Non-Resident Deposit for NRIs. Read these FAQs for answers to any queries you may have.
Under this scheme, you can open Fixed Deposit Accounts in USD, GBP, EURO, JPY, AUD, and CAD.
Yes. You can transfer funds from your existing FCNR to open NRE/NRO Account.
No. NRO funds cannot be used to create NRE/FCNR Deposit.
As per the current guidelines, the entire deposit (principal and interest) is exempted from tax in India.
Yes. You can break your FCNR Deposit before the maturity period. FCNR Deposits will qualify for interest only if they have run for a 1 year period.
Yes. You can avail of a loan against your FCNR Deposits in Rupees or in Foreign Currency. The loan/overdraft can be used for personal purposes or for carrying on business activities other than:
- Relending
- Agricultural/plantation activities
- Real estate business
Yes. Nomination facility is available under FCNR Deposit.
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