Glossary entry

FCNR account

An FCNR account is a foreign currency non-resident deposit account, held in a foreign currency rather than in rupees. That makes it a different structure from an NRE or NRO account, because the balance is not converted into rupees. Its terms, including how long money must stay in it, vary by bank and by regulation, so read the bank's current product page and ask how it works in practice. This glossary only defines the term and does not suggest that any account suits you. See also: NRE account, NRO account, NRI, and the guide NRI Bank Accounts Explained.