FNCR deposit is a type of fixed deposit that is designed to provide the Non-Resident Indians with an option to park their foreign earnings in the banks in India. For this, they do not need to get their savings converted into Indian Rupee. They can directly deposit it in foreign currency.
Suggested Read: Compare fd interest rates of all Banks/NBFCs
What is FCNR Fixed Deposit?
FCNR is an acronym for Foreign Currency Non-Resident and this fixed deposit is for NRIs (also PIOs* in some banks). These are not to be treated as saving accounts. The amount is kept in these deposits for a fixed tenure (usually 1 – 5 years).
*PIOs – Persons of Indian Origin