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Bank Deposits

FCNR

A FCNR deposit, or Foreign Currency Non-Repatriable account deposit, is a type of Fixed Deposit Foreign Currency account strictly for depositing, not for saving. It allows for deposits in major currencies such as US Dollars, UK Pounds, Canadian Dollars, Deutsche Marks, Japanese Yen, and Euros. Unlike a savings account, this type of deposit offers the potential to earn higher interest rates.

Related terms

NRO

Understand the meaning and definition of NRO in the context of stock market, trading, and investments.

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Tax Deducted at Source

Understand the meaning and definition of Tax Deducted at Source in the context of stock market, trading, and investments.

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Renewal of deposit

Understand the meaning and definition of Renewal of deposit in the context of stock market, trading, and investments.

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Taxable interest

Understand the meaning and definition of Taxable interest in the context of stock market, trading, and investments.

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Bank

Understand the meaning and definition of Bank in the context of stock market, trading, and investments.

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Simple Interest

Understand the meaning and definition of Simple Interest in the context of stock market, trading, and investments.

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