An FCNR deposit account is a fixed deposit account for foreign currency that allows Non-Resident Indians to earn tax-free interest on their investment.
You can stay protected against forex rate fluctuations as your investment continues to grow in the same currency you choose to invest. Plus, you get competitive interest rates, the income earned is tax-free and you can repatriate funds to your country of residence.
Enjoy attractive rates of interest and tax-free income on your FCNR deposits in India
Six currencies available with fully repatriable deposit and interest
Low initial deposit and 24/7 access via internet and mobile banking
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 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 The interest on prematurely withdrawn Resident / NRO Term Deposits and NRE / FCNR deposits will be paid for the period that such deposit is held, at the rate prevailing on the date of placement of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However, no interest will be paid in case of NRE / FCNR Deposits prematurely withdrawn before the expiry of 1 (one) year from the date of deposit or its renewal.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 detail terms and conditions click here.
You may be eligible to open an FCNR deposit if:
For NRI (Non-Resident Indian)
For PIO (Person of Indian Origin)
You can deposit funds into an FCNR account using your NRE account. Any interest earned from your FCNR account is tax-free.
Yes, premature withdrawals are allowed from your FCNR FD. However, you must remember that no interest is payable if the withdrawal is made before the completion of one year. For more information, you can read the detailed terms and conditions here.
Interest on an FCNR deposit is compounded on a half-yearly basis. Any interest earned on an FCNR account is 100% tax-free.
Yes, there is a nomination facility available for FCNR accounts.
The interest rate will remain fixed during the tenure of your deposit.
No, you cannot use your NRO account as per the applicable regulations in India. However, you can use your NRE account to transfer funds to open an FCNR deposit.
No, this facility is not available for an FCNR account.