{"id":318900,"date":"2024-12-07T17:52:33","date_gmt":"2024-12-07T12:22:33","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=318900"},"modified":"2024-12-10T13:14:10","modified_gmt":"2024-12-10T07:44:10","slug":"foreign-currency-non-resident-banks-deposits","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/foreign-currency-non-resident-banks-deposits\/","title":{"rendered":"Foreign Currency Non-Resident (Banks) Deposits"},"content":{"rendered":"<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\" wp-image-319197 aligncenter\" src=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2024\/12\/Foreign-Currency-Non-Resident-Banks-Deposits.png?resize=750%2C500&#038;ssl=1\" alt=\"Foreign Currency Non-Resident (Banks) Deposits\" width=\"750\" height=\"500\" srcset=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2024\/12\/Foreign-Currency-Non-Resident-Banks-Deposits.png?resize=300%2C200&amp;ssl=1 300w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2024\/12\/Foreign-Currency-Non-Resident-Banks-Deposits.png?resize=1024%2C682&amp;ssl=1 1024w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2024\/12\/Foreign-Currency-Non-Resident-Banks-Deposits.png?resize=768%2C512&amp;ssl=1 768w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2024\/12\/Foreign-Currency-Non-Resident-Banks-Deposits.png?w=1280&amp;ssl=1 1280w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/p>\n<p><strong>News:<\/strong> The Reserve Bank of India has decided to increase the interest rate ceilings on Foreign Currency Non-Resident (Banks) Account deposits to support foreign inflows into the country. <strong>Foreign Currency Non-Resident (Banks) Deposits<\/strong><\/p>\n<h2>About Foreign Currency Non-Resident (Banks) Deposits<\/h2>\n<ul>\n<li>It is a deposit scheme that enables the Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs) to invest their foreign earnings in Indian fixed deposit accounts.<\/li>\n<li>The deposit is held in foreign currencies like the US dollar, British pound sterling, Australian dollar, Euro and Canadian dollar.<\/li>\n<li>The FCNR deposit can be held as a term deposit, ranging from 1 year to 5 years.<\/li>\n<li>The interest rate ceiling for the FCNR deposits is set by the Reserve Bank of India and the individual banks set the interest rate within that ceiling.<\/li>\n<\/ul>\n<h2>Benefits of the FCNR(B) Deposits<\/h2>\n<ul>\n<li>It helps NRIs to avoid the risk of currency fluctuations as the principal and interest are held in foreign currency, rather than the Indian Rupee.<\/li>\n<li>FCNR deposits tend to offer higher interest rates than those offered on regular savings accounts, making them an attractive investment option.<\/li>\n<li>The principal and interest are freely repatriable, allowing NRIs to transfer the funds to their residential country.<\/li>\n<li>The interest on FCNR deposits is not taxable in India.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>News: The Reserve Bank of India has decided to increase the interest rate ceilings on Foreign Currency Non-Resident (Banks) Account deposits to support foreign inflows into the country. Foreign Currency Non-Resident (Banks) Deposits About Foreign Currency Non-Resident (Banks) Deposits It is a deposit scheme that enables the Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs)&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/foreign-currency-non-resident-banks-deposits\/\">Continue reading <span class=\"screen-reader-text\">Foreign Currency Non-Resident (Banks) Deposits<\/span><\/a><\/p>\n","protected":false},"author":10384,"featured_media":319197,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,12039,1],"tags":[11872],"class_list":["post-318900","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-factly-articles","category-economy","category-knolls","category-uncategorized","tag-9pm-daily-factly","entry"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2024\/12\/Foreign-Currency-Non-Resident-Banks-Deposits.png?fit=1280%2C853&ssl=1","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/318900","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10384"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=318900"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/318900\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media\/319197"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=318900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=318900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=318900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}