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FOREIGN CURRENCY NON - RESIDENT (FCNR) ACCOUNT SCHEME
What does FCNR stand for in the context of NRI banking?
FCNR stands for Foreign Currency Non-Resident, a term for bank accounts held in India by non-resident Indians in foreign currencies.
What is the maximum tenure permitted for an FCNR(B) deposit?
Maximum tenure is five years from account opening.
In which currencies can an FCNR(B) account be maintained?
FCNR(B) accounts can be maintained in any freely convertible currency such as USD, GBP, EUR, JPY, CAD, AUD, SGD, HKD, and CHF, as permitted by RBI.
Can a PIO (Person of Indian Origin) open an FCNR(B) account in India?
Yes, PIOs are eligible to open FCNR(B) accounts.
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