fcnr in A Sentence

    1

    Whether nomination is permitted in Fcnr(B) Account?

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    2

    Punjab National Bank reduced Fcnr interest rates in“2008”.

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    3

    Transfers from existing NRE/Fcnr accounts/ deposits.

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    4

    The Deposit should be placed under Fcnr(B) Scheme only.

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    5

    A: Yes, the Fcnr(B) Account funds are freely repatriable.

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    6

    Fcnr(B) Term Deposit- To safe guard from exchange rate risk.

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    7

    Are there any charges while remitting the Fcnr proceeds abroad?

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    8

    What is the manner of payment of interest on Fcnr(B) account?

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    9

    Fcnr Deposits: No Interest is paid if premature payment before one year.

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    10

    On Fcnr deposits payment of interest will be in the currency of the deposits.

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    11

    Banks also provides Loan against Fcnr(B) deposit in Foreign Currencies also to the depositors only.

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    12

    Is there any facility for granting Loan/ overdrafts against Fcnr(B) Deposits to account holder/ third party?

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    13

    The account can be opened by transferring funds from abroad or from your existing NRE/Fcnr accounts.

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    14

    The debits allowed from this account are local disbursements, transfer to other NRE/ Fcnr(B) and investments in India.

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    15

    Permissible debits are local disbursements, remittance outside India, transfer to other NRE/ Fcnr(B) accounts and investments in India.

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    16

    Q: What is the status of Fcnr account on the return of the account holders to India?

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    17

    RFC TD is opened on similar terms and condition which are applicable to Fcnr(B) Term deposit including minimum amount of deposit.

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    18

    Accounts can be opened by remittances from abroad deposit of foreign exchange brought into India, transfer from existing self NRE/Fcnr accounts.

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    19

    If one subsequently goes abroad to become an NRI, the balance in their RFC account can be converted to an NRE/Fcnr account.

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    20

    Transfer from other NRE/ Fcnr/ NRO accounts of the same account holder or another account holder with our Bank or other Banks.

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    21

    NRIs who wish to be avoid Risk of Foreign Exchange fluctuations, and to avail Repatriation facilities keep their amounts in in Fcnr Deposits.

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    22

    May open, hold and maintain with an authorised dealer in India a Resident Foreign Currency(RFC) Account to transfer balances held in NRE/Fcnr(B) accounts.

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    23

    Fcnr deposit accounts and Loans/Overdrafts would be maintained at our"B" category Branches i. e Bhandup, Andheri Branch, Karol Baug- Delhi and Rajaji Nagar- Bengaluru.

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    24

    Banks may allow Fcnr(B) deposits NRIs/PIOs, who return to India for permanent settlement, to continue till maturity at the contracted rate of interest, if desired,

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    25

    All rules relating to NRI deposits viz Joint Accounts, Nominations, Addition/Deletion of names, Interest application etc are the same as applicable to Fcnr(B) Term Deposits.

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    26

    Under the general permissions available, an NRI/PIO may purchase residential/commercial property in India out of funds remitted to India through normal banking channels, or through funds held in his NRE/Fcnr(B)/NRO account.

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    27

    Earlier, some bankers said that it was the lack of liquidity that was holding rates high, now I hear from some that it is fear of the Fcnr(B) redemptions that is making them reluctant to cut rates.

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    28

    However, excepts the provisions relating to rate of interest and reserve requirements as applicable to Fcnr(B) deposits, for all other purposes such deposits shall be treated as resident deposits from the date of return of the account holder to India.

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    29

    The entire amount of foreign exchange brought to India at the time of their return to India for permanent settlement as well as the balances standing to the credit of their NRE and Fcnr accounts at the time of return can be credited to RFC accounts.

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    30

    Deposits with a company registered under the Companies Act, 1956 including NBFC registered with RBI, or a body corporate created under an Act of Parliament or State Legislature, a proprietorship concern or a firm out of rupee funds which do not represent inward remittances or transfer from NRE/Fcnr(B) Accounts into the NRO Account.

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