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At a Glance

Use your foreign currency to open FCNR deposits in India and earn higher rates of interest.

When you are abroad and earning in foreign currency, but still want to remit your funds to India, one of the best option could be a Foreign Currency Non-Resident Fixed Deposit, commonly known as FCNR deposit . Deposit funds in foreign currency and earn competitive high interest rates at the same time with an FCNR FD.

Maximise your earnings

Enjoy attractive rates of interest and no tax on your FCNR account deposits in India

Worldwide options

Nine currencies available, fully repatriable deposit and interest

Easy to open and manage

Low initial deposit and access via internet banking

 

Features and Benefits

  • Maintain your deposit in any of these nine currencies: USD, GBP, EUR, JPY, AUD, CAD, CHF, SGD and HKD
  • Avail tenures ranging from 1 to 5 years
  • No minimum deposit amount
  • Deposit amount and interest earned are fully repatriable in NRE account
  • Interest earned on FCNR account is exempted from income tax and makes it tax efficient
  • Benefit from the higher interest prevailing in India
  • Internet banking facility, offering you 24-hour access to your account while ensuring the highest level of security and ease of transactions.
  • Mobile banking on the go from anywhere in the world.
  • Bank at any of our branches when you visit India using our inter-city banking facility
 

FCNR Interest Rates

Interest Rate w.e.f 1st September 2020

TenorInterest Rate
1 year to less than 2 years0.50
2 years to less than 3 years0.49
36 months to less than 37 months0.51
37 months to less than 38 months0.51
38 months to less than 48 months0.51
4 years to less than 5 years0.54
5 years0.61

Rates applicable for less than USD 275,000. For deposits greater than or equal to USD 275,000, please contact your Relationship Manager.


TenorInterest Rate
1 year to less than 2 years0.34
2 years to less than 3 years0.36
3 years to less than 4 years0.39
4 years to less than 5 years0.44
5 years0.48

Rates applicable for less than GBP 215,000. For deposits greater than or equal to GBP 215,000, please contact your Relationship Manager.


TenorInterest Rate
1 year to less than 2 years0.01
2 years to less than 3 years0.01
3 years to less than 4 years0.01
4 years to less than 5 years0.01
5 years0.01

Rates applicable for less than CHF 270,000. For deposits greater than or equal to CHF 270,000, please contact your Relationship Manager.


TenorInterest Rate
1 year to less than 2 years0.01
2 years to less than 3 years0.01
3 years to less than 4 years0.01
4 years to less than 5 years0.01
5 years0.01

TenorInterest Rate
1 year to less than 2 years0.01
2 years to less than 3 years0.01
3 years to less than 4 years0.01
4 years to less than 5 years0.01
5 years0.01

TenorInterest Rate
1 year to less than 2 years0.53
2 years to less than 3 years0.57
3 years to less than 4 years0.64
4 years to less than 5 years0.75
5 years0.85

TenorInterest Rate
1 year to less than 2 years0.01
2 years to less than 3 years0.01
3 years to less than 4 years0.01
4 years to less than 5 years0.01
5 years0.01
 

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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 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 detail terms and conditions click here.

 

Eligibility Criteria

Following individuals are eligible to open an FCNR deposit.

  • NRI (Non Resident Indian)
  • PIO (The Person of Indian origin) / OCI (Overseas Citizen of India)

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Documents Required

  • Copy of valid passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph, address, signature, immigration stamp and visa pages if any)
  • Proof of NRI status, by way of valid Employment / Residence Visa copy or Work / Residence Permit
  • Proof of Overseas and Indian Address (as per Customer Identification Policy)
  • Copy of Indian PAN card or Form 60
  • Recent passport size colour photograph
  • For Seafarer: Current work contract and copy of CDC along with last page of disembarkation stamp & FEMA declaration is required confirming NR status

For PIO (Person of Indian Origin)

  • Copy of valid passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph, signature and observation page, if any)
  • Copy of valid PIO/OCI card or any other proof of PIO status (as per Customer Identification Policy)
  • Proof of Overseas and Indian Address (as per Customer Identification Policy)
  • Duly signed and filled-in PIO declaration
  • Copy of Indian PAN Card or Form 60
  • Recent passport size colour photograph
 

How to Apply

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Frequently Asked Questions

You can deposit funds into an FCNR account using your NRE account.


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 end of one year.


Interest on an FCNR deposit is compounded half yearly.


Yes, there is a nomination facility available.


The interest rate will remain fixed during the tenure of your deposit. However, the interest rate on FCNR deposits will change from time to time, according to guidelines issued by the Reserve Bank of India.


Unfortunately, No 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.


Non-resident Indians (NRIs) or Overseas citizen of India can open FCNR deposit.

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