The United Kingdom comprises 1.4 million Indians, making them the single largest visible ethnic minority population in the country. As an NRI living in the UK, you can park your UK earnings in a high interest-bearing deposit that protects your currency from forex rate fluctuations. Earn 100% tax-free and fully-repatriable returns on Foreign Currency Non-Resident Fixed Deposits.
The 5th largest economy globally, the United Kingdom offers a high standard of living and excellent employment and education avenues. The immigrant population in the UK continues to play a crucial role in the upward trajectory of the UK economy. The revolutions in the banking, industrial, manufacturing, technological and service sectors have further paved the path for employment opportunities.
India has had financial ties with the UK, dating back many centuries. The first immigrants to the UK comprised scholars, sailors, and workers employed by the British East India Company. Today, the British Indian community has grown to over 1 million and comprises Non-Residents, PIOs and OCIs, and British, Scottish, and Irish Indians naturalised by birth. As an Indian national living in the UK, an FCNR FD lets you save your foreign earnings without worrying about fluctuating foreign exchange rates. You can freely and fully repatriate your tax-free Pound Sterlings back to the UK.
Open FCNR Deposits from UK to enjoy these facilities:
The Bank shall, on written request from all depositors, allow withdrawal of a Resident / NRO Term deposits and NRE / FCNR Deposits before 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 The interest on prematurely withdrawn Resident / NRO Term Deposits and NRE / FCNR deposits will be paid for the period that such deposit is held, at the rate prevailing on the date of placement of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However, no interest will be paid in case of NRE / FCNR Deposits prematurely withdrawn before the expiry of 1 (one) year from the date of deposit or its renewal.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
Funds in a Non-Resident External (NRE) Deposit and Non-Resident Ordinary (NRO) Deposit are held in Indian Rupees, while FCNR Deposits are maintained in foreign currencies. DBS Treasures offers FCNR Deposits in 6 global currencies. Also, tenures for NRE and NRO FDs can extend above five years, whereas FCNR Deposits have a maximum term of 5 years.
Yes. With DBS Treasures FCNR Deposits, you can conveniently assign a nominee to your account. The nominee may be a Resident Indian or NRI.
Yes. DBS allows premature withdrawals of fixed deposit funds. However, interest is payable after a year of opening the deposit. If you withdraw within a year, no interest will be paid. Penalties may be applicable for early withdrawals.
Interest in an FCNR Deposit is calculated with a compounding effect on a half-yearly basis.
No. Your FCNR interest rates will remain fixed throughout the tenure of the fixed deposit.
To open an FCNR Deposit, you can only transfer funds from your NRE Savings Account to do so. RBI does not allow you to create FCNR deposits from funds in NRO Accounts.