The State Bank of India (SBI) offers some excellent options to help NRIs invest their funds. With flexibility to maintain savings in Indian or foreign currency, along with offering tax free interest income in India and other benefits

FCNR Account is that the interest earned is exempted from tax.

The Principal Amount Deposited in the Account is Also Exempted from Wealth Tax in India.

Here are Some Features of the FCNR Account:

Only Person of Indian Origin (PIO) or NRIs can open an account.

The account can be opened in US Dollar, British Pound, Euro, Japanese Yen, Australian
Dollar, and Canadian Dollar.

Interest on the FCNR account is paid regularly.

The account can be opened jointly with resident Indians or other NRIs

With nomination facility available, the individual opening the account can designate resident Indian/PIO


Their Interest Rates :

Period
USD Rate (%)
GBP Rate (%)
EURO Rate (%)
AUD Rate (%)
CAD Rate (%)

Above 1 year but less than 2 years
2.59
2.76
2.06
4.08
2.85

Greater than 2 years but less than 3 years
2.97
3.16
2.10
4.10
2.79

Greater than 3 years but less than 4 years
4.31
4.43
3.20
5.20
3.93

Greater than 4 years but less than 5 years
4.56
4.62
3.29
5.45
4.09

5 years
4.77
4.74
3.42
5.60
4.25

Fort Eligibility for account opening Here Attachment of this page :