The Foreign Currency Non Resident (FNCR) Calculator to calculate the discounted interest using principal amount and rate of interest of a fixed deposit account which accepts deposits in other countries currencies.
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Are you a non-resident willing to invest in your home country, but unsure about the risks relating to currency fluctuations? FCNR deposits could be the answer to all your needs. FCNR deposits offer a range of benefits when you open foreign currency fixed deposit accounts in your home country.
Banks offer FCNR deposits in all major currencies that includes: GBP, USD, AUD, SGD, EUR, CAD, HKD and JPY. Terms and conditions on each currency deposit may differ from bank to bank.
To calculate FCNR quarterly income deposit you don't need to go through heavy calculations; you just require a simple online tool that's easy to use and saves your time. An FCNR quarterly income deposit calculator can help you see the actual value of interest you will earn on your FCNR deposits. Thus you can compare different plans offered by various banks, and shop around to get the best deal possible.
The FCNR calculator designed by iCalculator helps you calculate the discounted interest rate for fixed deposits made in foreign currency. The calculator works on compounding interest rate concept that shows the importance of time value of money. Only two simple entries are to be made in the calculator:
On the basis of the above mentioned entries the calculator will provide you with the discounted interest value that is compounded on a quarterly basis.
Let's take a look at some of the disadvantages of investing in FCNR deposits:
FCNR deposits bring foreign currency cash flow that is beneficial for the growth of any country. However, the high interest rates offered for these deposits can cause loss to an economy, it depends how the funds are invested and managed. Therefore, it is quite possible that the bank in charge may reduce the interest rates or might discontinue the facility.
FCNR deposits are an excellent way of earning a safe interest. You get to save your money in the currency you want without having to lose any value and earn better interest. However, the disadvantages should be considered and discussed with professional tax consultants before you proceed with any investments.
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