How to Open a FCNR Account?

In order to open an FCNR account, you need to perform following steps:

  • Download FCNR account opening form from bank's website or obtain it from the bank.
  • Fill up the form well and make sure that all columns like your personal details, contact numbers, special instructions etc. are complete.
  • Fill up the nomination form.
  • Attach a self certified copy of your passport, as a Proof of Identity, containing your personal information including visa page.
  • Attach Address(abroad) proof.
  • Attach VISA or PR or Employement proof.
  • Paste current passport size colour photograph of all the holders on account opening form duly signed across.
  • The account opening form with the signature verified by your overseas bank or the Indian embassy/ consulate/ high commission or a notary public.
  • Post / courier or submit in a person to your home branch or preferred branch this fully completed account opening application form along with all the required enclosures.
  • Make initial remittance.
  • You can open it with Foreign currency notes, Travellers cheque, Currency Cheque, Wire Transfer from overseas banks or Transfer funds from an existing NRE account.
  • Note that these document requirements may also vary from bank to bank. Check with your bank for details.

Eligibility Criteria to Open FCNR Account

FCNR account can be opened by Non-Resident Indians (NRI) and Overseas Corporate Bodies (OCB). Non-Resident account holder himself needs to open the account and the holder of Power of Attorney (POA) is not allowed to open FCNR account in India.

Funding of FCNR Account

FCNR account can be opened by funding by any of the following channels.

  • Remittance from abroad
  • Proceeds of foreign currency notes
  • Proceeds of travellers cheques or personal cheques or drafts
  • Wire Transfer from overseas banks
  • Transfer from applicant's existing NRE or FCNR account