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FCNR Deposits |
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Union eRemit allows you to send money directly into your existing FCNR account. This is a unique service being provided for the first time to NRIs in the United States.
Your deposit with Union Bank can be for the following tenures:
- One year and more but less than two years
- Two years and more but less than three years
- Three years
The interest rate applicable to the deposits is as shown below:
| Period |
Rate of Interest |
| One year or more but less than two years |
2.20% |
| Two years or more but less than three years |
2.30% |
| Three years or more but less than Four years |
2.90% |
| Four years or more but less than Five years |
3.38% |
| Five Years only |
3.74% |
Interest will be payable on a semi annual or an annual basis as desired by the customer. The interest earned can be used for local payment as well as repatriation.
So, now sending money into your FCNR account is so simple. All you need to do is:
- Choose 'FCNR deposit' as the Product type option from the dropdown.
- Choose online transfer as the pay mode.
- Add the beneficiary as your FCNR bank account details.
- Enter the amount with which you want to open the FCNR account. FCNR account can be opened with minimum deposit of $1000.
- Select the period for the FCNR deposit.
- Select the US bank account from which you want to transfer money to your FCNR account.
- We will inform you when the money has been deposited into your FCNR account.
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