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Sep 22 • 13 tweets • 6 min read
Thread 🧵

All about FCNR Accounts
▪️ Concept
▪️ Who can Open and Operate
▪️ Difference with NRE/NRO
▪️ Credits
▪️ Payments
▪️ Repatriation
▪️ Taxability
▪️ Residential Status Changed
▪️ Loans

#FCNR #NRI #Deposits
Retweet🔁 for maximum reach.
⤵️⤵️
👉Concept

FCNR stands for "Foreign Currency Non Resident Account."

It allows NRIs to invest foreign currency in term deposits in India that too in their preferred currency.
💵💷💴💶
👉 Who can Open and Operate FCNR Account?

It can be opened and operated by NRI, PIO or OCI card holder.
👉 How FCNR Accounts different from NRE/NRO Accounts?

NRE/NRO accounts can be in form of Savings, Fixed Deposit, Recurring Deposits etc. in "Indian Currency."

FCNR accounts can be only in Fixed Deposits that too in "Foreign Currency"
👉 Operations of FCNR Accounts

▪️ FCNR accounts can be opened "Jointly" with another NRI's.

▪️ Fixed Deposits with FCNR can be of maturity between 1 to 5 years only.

▪️ Majority banks does not provide interest on withdrawal before 1 year.
👉 Credits in FCNR Accounts

Credits can be Through 👇

▪️ Foreign Income
▪️ Freely repatriable Indian Income (which same allowed to park in NRE accounts)
👉 Payments from FCNR Accounts

Funds from FCNR account can be used for making local or Foreign payments.

👉 Repatriation

There is absolute NO Restrictions on repatriation on funds in FCNR Accounts unlike with NRO.

This is one of the main reason most NRI's prefer FCNR.
Repatriation can be done WITHOUT any Restriction or Approval for⤵️

▪️Foreign Investments
▪️Buying Property in Foreign Country
▪️Payments for Education, Medical reasons or other

Also, can invest in India from FCNR funds in a areas allowed to NRI as per the guidelines of @RBI
👉Taxability

Interest earned on FCNR deposits is TAX FREE as per @IncomeTaxIndia , it may be taxable in the country of residence of NRIs.

Since, FCNR deposits are in Foreign Currency these are free from forex rates fluctuation risks.

These are major advantages of FCNR.
👉 Residential Status Changed

If one becomes Resident while holding FCNR account, interest earned after becoming resident will TAXABLE in India 🇮🇳

3⃣ Options (IMP)

1⃣ Close account on becoming resident
2⃣ Hold till maturity
3⃣ Transfer to RFC A/c (Resident Foreign Currency)
👉 Loans

NRI's can avail loans against FCNR accounts as well.

Leading banks like @HDFC_Bank @ICICIBank @TheOfficialSBI @dbsbank @Citibank @HSBC_IN banks provide these facilities.

Thread ends
I hope you have got some idea about FCNR accounts. Thank you.

Do retweet for maximum reach.
@Spaysocial @investyadnya @AdeParimal @gaurav28jain
🔗Link of video for detailed information #FCNR #NRI

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Yogesh Katariya Profile picture
Sep 19
Thread 🧵 on NRE NRO Accounts

✅ What is NRE NRO A/c
✅ What’s the Difference
✅ Types of NRO NRE A/c
✅ Taxability on NRO NRE A/c
✅ Who can Open/Operate
✅ How to Utilise these accounts
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Let’s begin 👇🏻
Q. What is NRE NRO Accounts ?

Literal meaning -

NRE: Non- Residential External

NRO: Non- Resident Ordinary

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#NRI #NRO #NRE
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Basic Difference:

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Sep 5
Thread 🧵

Now you can pay Income Tax via Debit Card, Credit Card, UPI too @IncomeTaxIndia

#incometax #upi

Please note, this is available when you pay taxes through Income Tax Portal and not from @Protean_Tech website.
Earlier, tax payments majorly were done using 2 modes. Internet Banking or Physically visiting Bank.

Now you can pay via :

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Thread 🧵on Advance Tax.
Applicability, Consequences of Non Payment, Calculations, How to Make Payment etc.

#advancetax
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Q. What is an advance tax?

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Tax is to be paid before certain due dates given by @IncomeTaxIndia
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Advance tax applicable to all assesses whose tax liability in a year exceeds Rs.10,000

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Thread on Taxation and Tax Planning through Minor’s Income

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Aug 23
Thread 🧵 Tax Planning through HUF Part 2

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How Income generated in HUF
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Investments in HUF
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#HUF
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HUF is a big concept, will create 2-3 threads for your understanding.

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