FCNR(B) accounts permit eligible non-residents to hold designated-currency term deposits under repatriation, conversion, lending and reporting conditions.

FCNR(B) accounts allow NRIs and PIOs to hold designated-currency term deposits funded through eligible remittances, repatriable funds or transfers from NRE and FCNR(B) accounts. Foreign-currency and rupee remittances must be converted where necessary under prescribed exchange-rate rules. NRE-account conditions generally apply to permissible transactions, joint accounts, repatriation, power-of-attorney operations, and loans or overdrafts against deposits. Upon the holder becoming resident in India, deposits may continue until maturity but must thereafter be converted into an eligible resident rupee or RFC deposit account.

---

---

---