What is the limit to repatriate funds from FCNR?
SBNRI Team
answered on 20/03/2023
There is no limit to repatriate funds from FCNR accounts as it is fully and freely repatriable FD account. As this account is opened in a foreign currency, there is no risk for fluctuations in currency conversion, which makes it safer than other NRI fixed deposits.
What is an FCNR Account?
A Foreign Currency Non-Resident (FCNR) Account is a term deposit account in USD, GBP, EUR, JPY, AUD, CAD, SGD, HKD, and others. The ‘term’ in a term deposit account is a fixed tenure of up to 12 months, 24 months, 36 months, 48 months or 60 months that can be opted for by the NRIs at the time of account opening. The interest income is not taxable in India and both the principal amount as well as the interest are completely repatriable. There is no limit to repatriate funds from FCNR accounts.
To know more about the different types of NRI Banking Accounts, click here.
Also Watch: Best NRI Banking Account for OCI
What is the process and limit to repatriate funds from FCNR Account?
The process of repatriation of funds from NRI Accounts are:
Accounts | Process | Limit |
1. ONLINE:
2. OFFLINE: Fill these 2 forms. (You can get them at the bank branch or download them online, sign them and send them to the bank branch in India via courier in case you are abroad.)
| No Limit | |
All the following documents are needed to be submitted at the Bank Branch (in India). You can either submit it when you arrive here or download it online and send the signed copies to bank branch via courier:
| USD 1 million | |
1. ONLINE:
2. OFFLINE: Fill these 2 forms. (You can get them at the bank branch or download them online, sign them and send them to the bank branch in India via courier in case you are abroad.)
| No Limit |
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