Non-Resident Indians can open accounts under this scheme. The account should be opened by the non-resident account holder himself and not by the holder of power of attorney in India.

These deposits can be maintained in 5 designated currencies i.e. U.S. Dollar (USD), Pound Sterling (GBP) and Euro, Australian Dollar (AUD) & Canadian Dollar (CAD).

These accounts can only be maintained in the form of terms deposits for maturities of minimum 1 year to maximum 5 years.

These deposits can be opened with funds remitted from abroad in convertible foreign currency through normal banking channel, which are of repatriable nature in terms of general or special permission granted by Reserve Bank of India.

These accounts can be maintained with our branches, which are authorised for handling foreign exchange business. (List of branches authorised for handling foreign exchange business linked at the end).

Funds for opening accounts under PNB Global Foreign Currency Deposit Scheme or for credit to such accounts should be received from: -

- Remittance from outside India or
- Traveller Cheques/Currency Notes tendered on visit to India. International Postal Orders cannot be accepted for opening or credit to FCNR accounts.
- Transfer of funds from existing NRE/FCNR accounts.

If remittance is received in any currency other than USD, GBP, Euro, AUD & CAD, it will be converted into one of the designated currencies of remitter’s choice at the risk & cost of the depositor.

Rupee balances in the existing NRE accounts can also be converted into one of the designated currencies at the prevailing TT selling rate of that currency for opening of account or for credit to such accounts.

Advantages of FCNR (B) Deposits

- Principal alongwith interest freely repatriable in the currency of your choice.
- No Exchange Risk as the deposit is maintained in foreign currency.
- Loans/overdrafts in rupees can be availed by NRI depositors or 3rd parties against the security of these deposits. However, loans in foreign currency against FCNR (B) deposits in India can be availed outside India through our correspondent Banks.
- No Wealth Tax & Income Tax is applicable on these deposits.
- Gifts made to close resident relatives are free from Gift Tax.
- Facility for automatic renewal of deposits on maturity and safe custody of Deposit Receipt is also available.

Payment of Interest

Interest on FCNR (B) deposits is being paid on the basis of 360 days to a year. However, depositor is eligible to earn interest applicable for a period of one year if the deposit has completed a period of 365 days.

For deposits upto one year, interest at the applicable rate will be paid without any compounding effect. In respect of deposits for more than one year, interest can be paid at intervals of 180 days each and thereafter for remaining actual number of days. However, depositor will have the option to receive the interest on maturity with compounding effect in case of deposits of over one year.

Additional Concessions offered under PNB Global Foreign Currency Deposit Scheme

All account holders maintaining minimum deposit of USD 5000 or its equivalent will be eligible for following concessions in various facilities being offered by the bank: -

a. Rebate in interest rates on housing loan for the account holder or for one person nominated by NRI in India.

b. Waiver of Upfront & Documentation fees on all retail loan products for the account holder or for any one nominated person in India.

c. Free remittance up to Rs.1 lac per annum from his account to anywhere in India, subject to recovery of out of pocket expenses.

d. No collection charges on any instrument collected in account holder’s account, up to Rs.1 lac per annum, from anywhere in India subject to recovery of out of pocket expenses.

e. Depository services: 50% concessions on service charges of our bank till the deposits remain with the bank.

f. Free multicity chequebook for CBS branch customers.

g. Free Lockers facility for the customers maintaining a minimum balance of $ 10000 or its equivalent.

h. No Inter-branch (Intersol) transaction charges for banking transactions, by the account holders, in the CBS branches.i. Free Internet Banking facility.

j. Bank will bear foreign bank charges on transfer of funds to our Nostro Accounts subject to minimum deposit of USD 10000 or its equivalent.

k. Facility of automatic renewal of Fixed Deposits on maturity.

l. Linkage with saving account for family at home by allowing overdraft by marking lien in their FCNR account.

List of branches authorised for handling foreign exchange business

Interest rates on FCNR (B) Deposits