Opening Foreign Currency Non-Resident (Premium Account) In India

Foreign Currency Non-Resident  – Premium Account

Dollar premium account has been renamed to FCNB (B) – Premium Account.

  • Deposit Tenor: 1 Year
  • Minimum Deposit: 
  • US Dollars: 2000
  • Great British Pound: 2000
  • Euro: 2000
  • Australian Dollar: 2000
  • Canadian Dollar: 2000
  • Japan Yen: 2, 00, 000

How Can FCNB – Premium Account Be Opened

  1. Conversion of existing balance of NRE Savings Bank/Fixed Deposit to FCNR (B) deposits
  2. Remittances from abroad


  • Both principal and interest are payable in Indian Rupees and to be credited on maturity in NRE Savings bank account only.
  • No auto renewal facility is available.
  • The product will be available to the NRI’s on specific request
  • No interest is payable if the FCNR (B) deposit is closed before maturity.
  • Maturity proceed is fully repatriable from NRE Savings bank account.

What is Foreign Currency Non-Resident Account

  • It is a type of account ONLY for NRI’s and only designated branches can open it. 
  • Credit is required to be done only by foreign source and in foreign currency.
  • Only different types of Term Deposit in USD, GBP, EURO, Australian Dollar, Canadian Dollar and Yen. (You need to check with your bank on the acceptable currencies).
  • Amount is not taxable.
  • Loan can be given and be repaid only from external sources.
  • Both principal and interest can be sent back to the country but only after maturation.
  • Funds can be transferred to NRO and NRE a/c.
  • RBI has relaxed the norms by freeing the interest rates.
  • Bank bears the exchange risk faced.
  • Nomination allowed but repatriation allowed if nominee is NRI.
  • Joint a/c’s with non-residents are allowed.
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