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These accounts can be opened out of foreign remittances or proceeds of NRE Accounts.
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The Designated currencies are US Dollars(USD), Great Britain Pounds (GBP), EURO, Canadian Dollars(CAD) and Australian Dollars (AUD).
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Conversion of Rupee into Designated Foreign Currency and vice versa for FCNR(B) Accounts will be at TT selling and TT buying rates respectively.
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Presently FCNR(B) deposits of one year one day only are accepted in Euro, GBP,CAD and AUD and in case of USD 1 year to 5 years. No interest is payable if A/c is closed before completion of 1 year.
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Loans permitted against these deposits on terms similar to loans against NRE Deposits.
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Joint Accounts can be maintained and repatriation of funds can be done as applicable to NRE deposits detailed above.
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On return of the depositor to India, the FCNR(B) A/c can be redesignated as RFC A/c.
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Loans against FCNR(B) Deposits will be disbursed in Indian Rupees as well as in foreign currency.
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In the absence of any instruction for automatic renewal of NRE/FCNR(B) Deposits, overdue deposits shall not be eligible for interest for the overdue period exceeding 14 days.
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The penalty on premature closure of FCNR (B) / RFC Term Deposits : 1% on the applicable rate for the period the FCNR (B) / RFC Term Deposit has remained with the bank after completion of one year.
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