FOREIGN CURRENCY (NON-RESIDENT) ACCOUNT (BANKS) SCHEME – FCNR (B) Account

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..... nk. Accounts may also be opened by transfer of funds from existing NRE/ FCNR (B) accounts. (c) Remittances from outside India for opening of or crediting to these accounts should be made in the designated currency in which the account is desired to be opened/ maintained. Without prejudice to this, if the remittance is received in a currency other than the designated currency (including funds received in rupees by debit to the account of a non-resident bank), it should be converted into the latter currency by the authorised dealer at the risk and cost of the remitter and account should be opened/ credited in only the designated currency. (d) In case the depositor with any currency other than designated currency desires to place a deposit in .....

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..... these accounts as well as for repatriation outside India of balances held in these accounts will be free of inland exchange or commission for the non-resident depositors. The Authorised dealer receiving foreign currency remittances in these accounts will also, on request, pass on the foreign currency to another authorised dealer if the account has to be opened with the latter, at no extra cost to the remitter. 8. Manner of Payment of Interest: (i) Interest on balances held in these accounts may be paid half-yearly or on an annual basis as desired by the depositor. (ii) Interest may be credited to a new FCNR (B) account or an existing/ new NRE/ NRO account in the name of the account holder, at his option. 9. Loans/ overdrafts against securit .....

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..... eld in accounts, shall apply mutatis mutandis to FCNR (B) accounts. (2) Authorised dealer may permit remittance of the maturity proceeds of FCNR (B) deposits to third parties outside India, provided the transaction is specifically authorised by the account holder and the authorised dealer is satisfied about the bona fides of the transaction. 12. Reporting: The transactions in these accounts shall be reported to Reserve Bank in accordance with the directions issued by it from time to time. 13. Other features: (a) Reserve Bank will not provide exchange rate guarantee to authorised dealers for deposits of any maturity in these accounts. (b) Lending of resources mobilised by authorised dealers under these accounts are not subject to any interes .....

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