Sunday, August 26, 2012

BENEFITS OF FCNR (B) DEPOSITS

India being a high inflation high growth country is capable for offering attractive interest rates for foreign currency deposits; this deposit is called FCNR (B) fixed deposits. Some of the benefits of FCNR (B) Deposit scheme are:-
Ø     Interest income tax-free in India
Ø     Freely Repatriable
Ø     Available for 1 – 5 years
Ø     No need to monitor exchange rate fluctuations
Ø     Available in 6 currencies viz USD, GBP, EURO, CAD, AUD, JPY
&
Ø   Above all
All major Banks are offering attractive interest rates on this deposit for eg State Bank interest rates on FCNR Deposits is USD: 3.79%; Euro: 4.05%; GBP: 4.06%; CAD: 4.64%; AUD: 6.55%; JPY 3.37% p.a.
Rate of interest is sole discretion of Banks and may change at any time
If you are existing account holder of Bank then this will take only one day for Banks to prepare this at the same time on maturity banks can repatriate the same within 24 hrs
If you are not having any account with any Indian bank then you require to complete KYC formalities for preparation of the same which can be done through post itself
For other details / queries, drop a mail at prashant.singh@sbi.co.in

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