InvestorQ : What are FCNR accounts?
divya Sing made post

What are FCNR accounts?

2 years ago

Foreign currency non-resident (FCNR) accounts are the FDs or fixed deposits that are maintained in foreign currencies. Like with Indian FDs, the FCNR deposits’ tenure range from 1-5 years.

Interest earned on FCNR accounts is in foreign currency. FCNRs can be opened in various currencies such as US dollar, Japanese yen, pound, euro, Australian dollar, Canadian dollar.

One of the biggest benefit of opening an FCNR account is that the deposits are foreign-currency denominated so there’s no risk of currency devaluation and it also makes it easier to repatriate funds.