What is Bandhan Bank FCNR Account?
Bandhan Bank FCNR Account is mainly for Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) to maintain their overseas earnings in foreign currency. It protects your money from exchange rate fluctuations because the deposit is held in the foreign currency itself, rather than being converted into Indian Rupees (INR).
The minimum initial deposit required is 1,000 units of the chosen currency (USD 1,000 / GBP 1,000 / EUR 1,000). All these benefits make the FCNR Account a better choice if you plan to use the money abroad in the future, as it eliminates the risk of the Rupee devaluing against the home currency.
Features of Bandhan Bank FCNR Account
Here are some features of Bandhan Bank FCNR Account:
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Currency Options:
You can maintain your deposits in three major global currencies: US Dollars (USD), Pound Sterling (GBP), and Euro (EUR).
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Protection Against Exchange Risk:
Since the deposit is held in foreign currency, your investment is safe from fluctuations in the Indian Rupee (INR) exchange rate.
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Full Repatriability:
Both the principal amount and the interest earned are fully and freely repatriable, meaning you can transfer the money back to your country of residence without any restrictions.
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Flexible Tenure:
You can park your funds for a minimum of 1 year to a maximum of 5 years.
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Minimum Deposit Requirement:
To open an account, a minimum deposit of 1,000 units of the respective currency is required (USD 1,000 / GBP 1,000 / EUR 1,000).
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Automatic Renewal:
The bank offers an automatic renewal facility for both the principal and interest upon maturity.
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Nomination Facility:
You can nominate a person to receive the funds in the event of any eventuality.
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Competitive Interest Rates:
Bandhan Bank FCNR Rates are linked to the Overnight Alternative Reference Rate (ARR) and vary by currency and tenure.
Eligibility Criteria For Bandhan Bank FCNR Account
The Bandhan Bank FCNR account can only be opened by:
- Existing Bandhan Bank NRI Savings Account holder
Documents Required For Bandhan Bank
These are the documents required by NRI, PIO and OCI cardholders to open their Bandhan Bank FCNR account in India:
Non-Resident Indians (NRIs)
You are eligible if you are an Indian citizen living abroad for:
- Employment, business, or a professional vocation.
- Students studying in foreign universities.
- Officials on foreign assignments (UN, Government of India, or PSUs).
- Mariners, workers on oil rigs, or staff of foreign-registered airlines.
PIO (Person of Indian Origin) & OCI Cardholders
If you hold a foreign passport (excluding Pakistan or Bangladesh), you are eligible if:
- You once held an Indian passport.
- Your parents or grandparents were Indian citizens.
- You are the spouse of an Indian citizen or a PIO.
Note: For specific documentation or unique cases, it is best to contact your nearest Bandhan Bank branch for further details.
Conclusion
Bandhan Bank FCNR account serves as a powerful financial tool for NRIs and PIOs looking to grow their overseas earnings without the risk of currency devaluation. By accepting deposits in major global currencies such as USD, GBP, and EUR, the bank ensures your investment remains stable against fluctuations in the Indian Rupee. The key advantages of this account is 100% tax-free interest, full repatriability of funds, and flexible tenures up to 5 years. To ensure you get the best value for your foreign currency, it is important to regularly check the latest FCNR interest rates, which can vary by currency and tenure.
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