Dissecting FCNR: A Packed, Curious Evening at JITO Singapore

Our July 2026 Monthly Meetup drew a warm, engaged crowd to Annalakshmi Cafe for a deep dive into one of the most talked-about savings options among NRIs — the FCNR(B) deposit. Led by CA. Ravi Manot, the session turned a technical subject into an evening of genuine curiosity, with hands shooting up long before the closing remarks.

Ravi opened with the big picture: why the rupee has structurally weakened — from roughly ₹45 to the dollar in 2000 to about ₹95 today — and why India's reserves, record remittances, and recent RBI swap facility make dollar deposits so relevant right now. That macro backdrop set up the star of the evening: the Foreign Currency Non-Resident (Bank) deposit. He explained its appeal in plain terms — held in foreign currency, tax-free in India, fully repatriable, with tenures of one to five years and current USD rates clustering around 6%.

The room really lit up during the "mechanics" segment, where Ravi unpacked leveraged FCNR structures — placing a small margin, borrowing a multiple against it, and pocketing the carry. Worked examples showing double-digit returns on client margin sparked a flurry of questions: How safe is the collateral? What happens at premature withdrawal? Where do I actually rank if something goes wrong?

To his credit, Ravi met the enthusiasm with balance. Drawing on case studies from Lehman to Credit Suisse to India's own IL&FS and YES Bank episodes, he reminded everyone that no investment is completely risk-free, and that leverage magnifies losses as much as gains.

The audience left upbeat and better informed — exactly the spirit of Connect, Collaborate, Grow. A heartfelt thank-you to Ravi and to everyone who made the evening so interactive.

Shared for information only — not investment advice.

Event Gallery

Sharing the few photos from the JITO Singapore event: