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Key Takeaways: If you wish to open a fixed deposit with foreign earnings and earn a good interest, an FCNR account is your answer. Read on to know more about how to open an FCNR account and benefit from investing in foreign currency.
Fixed deposits in India offer higher interest rates than in many parts of the world. As an NRI, you can benefit from these rates by opening a foreign currency fixed deposit through an FCNR account.
The best part is that your principal and interest are 100% tax-free in India and fully repatriable. These features make FCNR deposits an attractive proposition for NRIs looking for a safe investment with a reasonable rate of return.
How to open an FCNR account
A key point to note here is that the FCNR account opening is only possible if the applicant is an NRI (Non-Resident Indian) or PIO (Person of Indian Origin). Your bank may ask you to provide additional documents on a case-by-case basis to establish identity, address or employment status.
Features of an FCNR account
Final Note: Now that you know about the various advantages and features of an FCNR account, you can go ahead and open one. You can open an FCNR account remotely without visiting a bank branch.
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