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At a Glance
The Indian population in the United States of America is the second-largest group of immigrants. If you are a Non-Resident Indian in the USA and wish to save your USD earnings, you can opt for an FCNR Deposit. Your US Dollars are protected from foreign exchange rate fluctuation, and you earn 100% tax-free and fully-repatriable returns on Foreign Currency Non-Resident Fixed Deposits.
Open FCNR Deposit from USA
Whether you wish to take a hike in the Rocky Mountains, or venture through the Everglades, or be amazed by some extraordinary historical events, the USA has it all. Fueled by overflowing natural resources, the USA is the largest economy globally and a highly developed free market. The USA promotes innovation in every field, whether artificial intelligence, medicine or aerospace, encouraging its citizens to fulfil their own version of the American Dream.
Indians, in the pursuit of this American Dream, have migrated to the US, and today, form the second-largest immigrant community here. As an NRI in the USA, you can save your surplus USD earnings. You can open a high interest-bearing and secure fixed deposit account. With DBS Treasures, open FCNR(B) from USA with DBS Treasures. Enjoy 100% and tax-free repatriable interest income on your deposit.
Features and Benefits
- Conveniently maintain your FCNR Deposit Account in USD.
- Open FD in other global currencies, including USD, CAD, AUD, HKD, SGD and GBP.
- Interest earned in an FCNR FD is entirely exempt from income tax or wealth tax.
- The principal deposit and interest payment is fully repatriable back to the USA.
- Hold the FCNR Deposit for tenures lasting 1 to 5 years.
- Deposit any minimum amount to open an FCNR(B) Account.
- Enjoy higher rates of interest on the deposit and protect it from currency rate fluctuations.
- Get 24*7 access to your FCNR Account via DBS Treasures internet and mobile banking applications.
FCNR Interest Rates
Consult your relationship manager to know the latest FCNR interest rates.
Deposit Terms and Conditions
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 The interest on prematurely withdrawn Resident / NRO Term Deposits and NRE / FCNR deposits will be paid for the period that such deposit is held, at the rate prevailing on the date of placement of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.
Eligibility Criteria
Non-Resident Indians, Persons of Indian Origin (PIO) or Overseas Citizens of India (OCI) can open an FCNR Account.
Documents Required
NRIs can open FCNR Deposit from USA by submitting the following documents:
- Latest passport size photographs
- NRI status proof – USA Work Visa/Permit or Residence Visa/Permit
- Address proof of India and the USA
- A valid passport
- Permanent Account Number (PAN) Card
- Form 60, if PAN Card not available
Seafarers must submit additional documents, including:
- The USA shipping company employment contract
- Copy of CDC with the disembarkation stamp on the last page
- FEMA Declaration
PIOs can open FCNR Deposit from USA by submitting the following documents:
- Latest passport size photographs
- PIO status proof – PIO or OCI Card or other relevant proof as per Customer Identification Policy
- Address proof of India and the USA
- A valid passport
- Permanent Account Number (PAN) Card
- Form 60, if PAN Card not available
How to Apply for an FCNR Deposit?
Open FCNR Deposit Account online from USA by filling a form on the DBS Treasures website.
A DBS Treasures Relationship Manager will contact you shortly.
Frequently Asked Questions
In the NRE Savings Account, you can park your USD, but the funds are automatically converted to and held in INR helps. However, in an FCNR Deposit, the foreign earnings are held in the currency of deposit – USD in this instance and the interest paid is also in the currency of deposit. The interest income is tax-free, fully repatriable, and the deposit is protected from forex market fluctuations. You can transfer funds from your NRE Account to your FCNR Deposit.
For premature withdrawals made within a year of opening the FCNR Deposit, the bank is not liable to pay any interest per RBI guidelines. However, you will earn interest on deposits held over 1 year. You may prematurely withdraw those deposits subject to certain penalties.
Yes, you can assign a nominee in your FCNR Deposit.
No, the Reserve Bank of India does not permit NRIs to create foreign currency recurring deposits. You may only open regular FCNR (B) Deposits.
Yes, you may use the FCNR deposit to avail of loans in India and the USA. However, your eligibility will depend on specific criteria, including your age, income, credit scores etc.
Continuous Discharge Certificate (CDC is an identity proof document for seafarers. It is a legal and official document that records the seafarers’ experience.
