FCNR Deposits
JPMorgan Chase Bank N.A., Mumbai Branch’s FCNR Deposit is a deposit account maintained in foreign currency in India. The facility is being offered to Non-resident Indian (NRI)/ Person of Indian Origin(PIO) as the primary holder of the deposit account.
Following are key features of the FCNR deposit.
Deposit maintained in foreign currency*
The Scheme covers deposits in any permissible currencies and includes the following:
- U.S. Dollars
- Pound Sterling
- Japanese Yen
- Euros
- Canadian Dollars
- Australian Dollars
Deposit Tenor*
The current permissible tenors on FCNR deposit are:
- One year and above but less than two years
- Two years and above but less than three years
- Three years and above but less than four years
- Four years and above but less than five years
- Five years only
FCNR Interest Rates
View current interest rates.
FCNR deposits are freely repatriable
Subject to applicable regulations, you can transfer the funds out of India (both principal and interest earned are freely repatriable).
Interest on FCNR is exempt from tax
Interest on FCNR deposits earned by Non Resident Indians is exempt from tax in India under current tax laws**.
Joint FCNR deposit account
You can hold the account/deposit jointly with Resident Indians^^ as well as other NRIs.
View applicable charges
- No interest will be payable
- Premature Redemption Fee-1%
- The client will also bear the swap cost, if any.
FCNR application form
Download the application form.
Banking Ombudsman
Level 1
- Banking customers may write to the customer service executive(s) at our branches explaining the details of their issues. We are located at JP Morgan Chase Bank Mumbai N.A.Off CST Road, KalinaSantacruz East, Mumbai: 400098
- Customers preferring electronic mail should write to customerservice.india@jpmorgan.com.
If you do not receive a response within 10 business days from the channels under Level 1, or, if you are not satisfied with the response received, view the next level of escalation.
Level 2
If you are not satisfied with the response that you receive from the Customer Service Team or if you do not receive a response within 10 business days, you may contact the Office of the Chief Nodal Officer for a speedy investigation and fair resolution of your problem.
You may write to:
Ms. Geetha Viswanathan
Legal & Compliance
JPMorgan Chase Bank NA, Mumbai branch
JPMorgan Tower
Off CST Road
Kalina
Santacruz East
Mumbai-400098
Note: This address is for correspondence only)
Telephone: 91-22-61573210
You will receive a response within a period of 10 business days Chief Nodal Officer or the Nodal Officer Team receiving your complaint.
In the event that you do not receive any response within one month from the date the Bank first received your representation, or if you are dissatisfied with the response given by the Bank, you may write to the Banking Ombudsman.
Escalating to Banking Ombudsman
If customers do not receive a response from us within one month after we have received the complaint, or if they are not satisfied with the reply given by us, they may approach the Banking Ombudsman. The details of the Banking Ombudsman Scheme as well as the contact details of the Ombudsman for respective City or State are available on www.bankingombudsman.rbi.org.in. View the Banking Ombudsman Scheme.
For the convenience of the customers, following have been displayed on our website:
- Appropriate arrangement for receiving compliants and suggestions
- The name, address and contact number of Nodal Officer
- Contact details of Banking Ombudsman of the area
- Code of bank’s commitments to customers/Fair Practice code
The nodal officer of the Bank is kept informed on the complaints which are not redressed within one month. The details of the Banking Ombudsman where the complainant can approach are included in the final closure letters/ emails for such cases.
Nomination
It is extremely beneficial to add a nominee(s) for all your deposits held with us and the process is hassle free. Therefore you are encouraged to add a nominee(s) in the space provided in the form. For more details please contact your customer service representative.
DICGC protection
All deposits held with us are covered under the DICGC scheme. DICGC (Deposit Insurance and Credit Guarantee Corporation) is a wholly owned subsidiary of the Reserve Bank of India. View further details of the DICGC scheme.
BCSBI Code of Bank’s Commitment to Customers (‘Code”): The Bank follows the Code in respect of those products offered by the Bank to “individual customers” and as covered by the said code. View the complete BCSBI Code.
* Bank at its discretion can accept deposits for a specific currency and tenor.
** Indian tax information given herein is general and is not meant to constitute, and therefore should not be construed, as advice. The tax consequences are also based on individual facts and circumstances. As such, prior professional tax advice should be sought to fully understand and appreciate the Indian tax implications arising on investment in these deposits. We assume no obligation or liability of any nature whatsoever by issuing this document. For US Citizens and US Residents, if necessary, you should consult your tax advisor for questions regarding the US tax treatment of these deposits. If you are resident in any other country, you should consult your tax advisor regarding the tax treatment of these deposits in your country of residence.
^^NRE / FCNR Accounts opened / held jointly with resident close relative (relative as defined in Section 6 of the Companies Act 1956), can be operated only on 'Former or Survivor' basis.