As an Indian living overseas, one option you have for investing your money intelligently in India is a Foreign Currency Non Resident (FCNR) account. DBS Treasures FCNR account is a convenient way of depositing your money and ensure that the principal amount and interest you earn are both tax-free in India.
FCNR deposits in India offer competitive interest rates and are protected against currency fluctuations as the investments are held in foreign currency.
To open an FCNR deposit account with DBS Treasures, click here.
Please reach out to your RM / Branch for the latest FCNR rates.
The Bank shall, on written request from all depositors, allow withdrawal of a Resident / NRO Term deposits and NRE / FCNR Deposits prior to the date of its maturity. The interest on prematurely withdrawn Resident / NRO Term Deposits and NRE / FCNR deposits will be paid for the period that such deposit is held, at the rate prevailing on the date of placement of such deposit or the contracted rate, whichever is lower, subject to a deduction of a 1% penalty.
However, no interest will be paid in case of NRE / FCNR Deposits prematurely withdrawn before the expiry of 1 (one) year from the date of deposit or its renewal.
Please note that pre-closure charges of 1% will be applicable on all Term Deposits booked / renewed on or after 15th April 2019.
For detailed terms and conditions click here.
Here are some of the documents needed to open FCNR deposits:
For PIO (Person of Indian Origin)
You can deposit money into your DBS Treasures FCNR account through your NRE account
While it is possible to withdraw money from your FCNR FD at any point of time, no interest is payable if the withdrawal is made before the end of the year. For more details on our terms and conditions, click here.
Yes, the FCNR rates allow for compounded interest on a half-yearly basis.
The interest rate stays fixed during the tenure of the deposit.
Yes, there is a nomination facility available for all DBS Treasures account holders.