On what basis is the interest calculated on FCNR deposits?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Gautham asked about 3 years ago

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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1 Answers
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Open uri20170510 32134 s5bvk0?1494421637 ARJUN PRATAP SINGH answered almost 3 years ago

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

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