Indian Bank targets $2 billion mobilization through FCNR(B) deposits: MD & CEO Binod Kumar
FCNR(B) deposits are fixed-term foreign currency deposits maintained by NRIs, Persons of Indian Origin and Overseas Citizens of India in designated foreign currencies such as the US dollar, pound sterling, euro, Japanese yen, Canadian dollar and Australian dollar. Since the deposits remain denominated in foreign currency, depositors are insulated from exchange-rate fluctuations, while both principal and interest remain freely repatriable.
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