Once the money reaches my account in India, will my bank convert it into an FCNR deposit?
No. You will need to instruct your bank to place the funds into an FCNR deposit. This can usually be done through internet banking or by contacting your bank’s Relationship Manager directly.
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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
What is an FCNR deposit? 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?Didn’t find what you were looking for?
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