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What is the penalty for premature withdrawal of a FCNR deposit?

April 26, 2017deposit FCNR kuwait city penalty premature withdrawal

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What is the penalty for premature withdrawal of a FCNR deposit?

7 Answers

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Interest in such cases is paid at one per cent below the interest rate payable for the period for which the deposit has actually run. Interest on deposits is, however, payable only if they are kept for a minimum period of six months.

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Ans. Interest in such cases is paid at one per cent below the interest rate payable for the period for which the deposit has actually run. Interest on deposits is, however, payable only if they are kept for minimum period of six months.

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Interest in such cases is paid at one per cent below the interest rate payable for the period for which the deposit is, however, payable only if they are kept for a minimum period of six months.

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Interest in such cases is paid at one per cent below the interest rate payable for the period for which the deposit is, however, payable only if they are kept for a minimum period of six months. 38. If a FCNR deposit of 6 months maturity is withdrawn prematurely , would any interest be payable? No. While the premature withdrawal would be allowed, no interest would be payable. For such premature withdrawals the bank may levy penalty as per their discretion. 39. Are the interest rates on FCNR deposits liable for periodical revision? Yes. The Banks have been permitted to offer interest on such deposits at rates not more than the LIBOR prevailing on the last working day of the previous week for the relevant maturity and currency. Subject to this guideline, banks can offer either fixed or floating rate of interest on such deposits. 40. What about debits to FCNR accounts for local payments? Debits for local payments in rupees are allowed freely. As regards debits for investments in India, pl

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Ans. Interest in such cases is paid at one per cent below the interest rate payable for the period for which the deposit is, however, payable only if they are kept for a minimum period of six months.