What is an FCNR deposit?
FCNR stands for Foreign Currency Non-Resident (Bank) deposit. It’s a fixed-term deposit that NRIs (Non-Resident Indians) and PIOs (Persons of Indian Origin) can open at an authorised Indian bank. Unlike a regular Indian fixed deposit, the money stays in the original foreign currency – it is never converted to INR. For example, if the customer deposits 10,000 USD, they will get back 10,000 USD plus interest in USD.
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Instarem is a payment service provider. The information in this Help Centre is for general guidance only and does not constitute financial, investment or tax advice. Please consult your bank and appropriate professional advisers before making financial decisions.
Related FAQs
Which currencies can be held in an FCNR deposit? Does Instarem offer FCNR deposits? What type of account can I send money to for an FCNR deposit? How do I open an FCNR deposit? How long does the transfer take? Is there a minimum or maximum amount for this transfer?Didn’t find what you were looking for?
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