Foreign Currency Non-Resident  – Premium Account

Dollar premium account has been renamed to FCNB (B) – Premium Account.

• Deposit Tenor: 1 Year
• Minimum Deposit: 
• US Dollars: 2000
• Great British Pound: 2000
• Euro: 2000
• Australian Dollar: 2000
• Canadian Dollar: 2000
• Japan Yen: 2, 00, 000

How Can FCNB – Premium Account Be Opened

1. Conversion of existing balance of NRE Savings Bank/Fixed Deposit to FCNR (B) deposits
2. Remittances from abroad

Features:

• Both principal and interest are payable in Indian Rupees and to be credited on maturity in NRE Savings bank account only.
• No auto renewal facility is available.
• The product will be available to the NRI’s on specific request
• No interest is payable if the FCNR (B) deposit is closed before maturity.
• Maturity proceed is fully repatriable from NRE Savings bank account.

What is Foreign Currency Non-Resident Account

• It is a type of account ONLY for NRI’s and only designated branches can open it. 
• Credit is required to be done only by foreign source and in foreign currency.
• Only different types of Term Deposit in USD, GBP, EURO, Australian Dollar, Canadian Dollar and Yen. (You need to check with your bank on the acceptable currencies).
• Amount is not taxable.
• Loan can be given and be repaid only from external sources.
• Both principal and interest can be sent back to the country but only after maturation.
• Funds can be transferred to NRO and NRE a/c.
• RBI has relaxed the norms by freeing the interest rates.
• Bank bears the exchange risk faced.
• Nomination allowed but repatriation allowed if nominee is NRI.
• Joint a/c’s with non-residents are allowed.