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Invest in a foreign currency account that let’s you deposit up to 5 currencies and protect it from exchange rate risk.
Available in the form of term deposit in USD, EURO, GBP, YEN and AUD currencies
Auto renewal of term deposits on maturity
Fully and freely repatriable deposit (both principal and Interest)
FCNR deposits can be booked by debiting the NRE account through normal banking channel
NRI’s – Non-Resident Indians
PIOs – Persons of Indian Origin
* Citizens of Bangladesh and Pakistan do not qualify as PIOs even if they satisfy the above conditions
Documentation for Non Resident Indian, while submitting the account opening form / documents at Kotak Bank Branches in India:
Documentation for Non Resident Indian, while sending the account opening from / documents overseas:
The above documents mentioned under a, b and c needs to be attested by:
Documentation for Person of Indian Origin (PIO), while submitting the account opening form / documents at Kotak Bank Branches in India:-
Documentation for Person of Indian Origin (PIO), while sending the account opening from / documents overseas:-
The above documents mentioned under a, b, c and d needs to be attested by:
Documentation for Seafarer employed with foreign vessels, while submitting the documents at Kotak Bank Branches in India:-
All KYC documents provided to be mandatorily self-attested, except on furnishing original documents / certificates.
* Rates for Senior Citizen category not available for FCNR Deposits.
No interest will be payable for FCNR Deposits staying less than 1 year.
Acceptance of deposits of USD 1 mio and above [or equivalent] is at the discretion of the Bank.
The Premature withdrawal of Retail Term Deposit is permissible. However, the interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit remained with the bank or at the contracted rate, whichever is lower.
Interest on Term Deposit will be compounded at 180 days rests in case of reinvestment deposits subject to keeping the deposits with the Bank for a minimum tenor of 365 days and above.
Your FCNR deposit will be maintained in the following currency as specified / choose at the time of booking deposit. These are; USD, GBP, EURO and JPY currencies.
As per current guidelines, the principal amount as well as interest earned on FCNR deposit is exempted form Income tax in India.
Yes, the funds held in your FCNR (B) deposit are fully and freely repatriable (both principal and Interest).
In order to earn interest on your FCNR (B) fixed deposit, it needs to be kept for minimum of 1 year.