Gautham
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On what basis is the interest calculated on FCNR deposits? Is loan allowed against security of NRE/FCNR deposit to depositor / third parties
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ARJUN PRATAP SINGH
answered
Dear Friend,
as far as your query is concerned that On what basis is the interest calculated on FCNR deposits?
Let me informed that On following basis is the interest calculated on FCNR deposits.
Interest on FCNR deposits shall be calculated as below:
For deposits upto one year, at the applicable rate without any compounding effect.
For more than 1 year, at intervals of 180 days and thereafter for remaining actual number of days may be compounded.
Hope answer was helpful to you
Regards,
Arjun Pratap Singh
