J.P. Morgan offers multiple NRI (Non-Resident Indians) services through JPMorgan Chase Bank N.A. India.
JPMorgan Chase Bank N.A., Mumbai Branch’s Foreign Currency Non-Resident (FCNR) deposit is a deposit account maintained in foreign currency in India. NRIs or Person of Indian Origin (PIO) are the primary holders of the deposit account.
Following are key features of the FCNR deposit.
Deposit maintained in foreign currency*
Deposits can be in any permissible currency, including:
- U.S. Dollars
- Pound Sterling
- Japanese Yen
- Canadian Dollars
- Australian Dollars
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.
Download the application form for 3-year tenor RBI swap linked deposits (applications accepted until November 30, 2013 only).
It is extremely beneficial to add a nominee(s) for all your deposits held with us and the process is hassle free. We encourage you to add a nominee(s) in the space provided in the form. For more details, please contact your customer service representative.
* J.P. Morgan can at its discretion 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 / NRI / 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.