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I also have deposits in a foreign currency non-resident account.
They can also issue post-dated cheques or opt for Electronic Clearance Service (ECS) from their NRO, NRE or foreign currency non-resident (FCNR) account.
Indian public sector lender, Indian Bank (532814.BO) (INDIANB.NS), has increased the interest rates on foreign currency non-resident (FNCR) term deposits effective January 1, 2018, The Business Line has reported, citing a statement from the bank.
Expectation of a good monsoon and rollover of $26-billion foreign currency non-resident deposits coming up for renewal in September will also be key to economic growth in 2016/17.
6 -- Foreign Currency Non-Resident (FCNR) deposits with Indian Bank may now fetch revised interest rates as per the announcement made by Indian Bank.
Other measures disclosed to support the rupee include liberalisation of the financial market by enhancing the limits for exporters to re-book cancelled forward exchange contracts and opening a special concessional window for swapping foreign currency non-resident (FCNR) deposits and dollar funds.
In response, a number of banks including Axis Bank, Federal Bank and IDBI Bank raised their interest rates in foreign currency non-resident (FCNR) and non-resident external (NRE) rupee deposits by 50-100 basis points for tenures of above three years.
You could pay through rupeedenominated non-resident ordinary (NRO) or nonresident external (NRE) accounts and foreign currency non-resident (FCNR) accounts.
BANKING AND CREDIT NEWS-August 26, 2013--India's Axis Bank ups interest rates on foreign currency non-resident deposits(C)2013 M2 COMMUNICATIONS http://www.m2.com
M2 EQUITYBITES-August 26, 2013--India's Axis Bank ups interest rates on foreign currency non-resident deposits(C)2013 M2 COMMUNICATIONS http://www.m2.com
Side by side, Indian government is allowing non-resident Indians to open foreign currency non-resident accounts which can be denominated in dollars or pounds sterling.
Oriental Bank of Commerce (OBC) (500315.BO) (ORIENTBANK.NS) has increased interest rates for foreign currency non-resident (FCNR) term deposits effective January 4, 2018, the Press Trust of India has reported, citing a statement from the bank.
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