FCNR Deposit: Open FCNR Fixed Deposit Account by DBS India

FCNR Account

FCNR Account (Foreign Currency Non Resident)

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.

Maximise your earnings

Enjoy attractive rates of interest and tax-free income on your FCNR deposits in India

Worldwide options

Six currencies available with fully repatriable deposit and interest

Easy to open and manage

Low initial deposit and 24/7 access via internet and mobile banking

Open FCNR Account

Features and Benefits of FCNR Deposit

Maintain your deposit in any of these six currencies: USD, GBP, AUD, CAD, SGD and HKD
Avail tenures ranging from 1 to 5 years
No minimum deposit amount
Deposit amount and interest earned are fully repatriable in FCNR account
Interest earned on FCNR account is exempt from income tax in India
Benefit from competitive interest rates with DBS Treasures
Internet banking facility ensures that you have 24-hour access to your account with fully secure and quick transactions
Mobile banking on-the-go from anywhere in the world
Bank at any of our branches when you visit India using our DBS Treasures priority services

Open FCNR Account

FCNR Interest Rates

For more information on the latest FCNR Deposit Rates, click here

Open FCNR Account

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 The interest on prematurely withdrawn Resident / NRO Term Deposits and NRE / FCNR deposits will be paid for the period that such deposit is held, at the rate prevailing on the date of placement of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However, no interest will be paid in case of NRE / FCNR Deposits prematurely withdrawn before the expiry of 1 (one) year from the date of deposit or its renewal.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 detail terms and conditions click here.

Eligibility Criteria

You may be eligible to open an FCNR deposit if:

You are an NRI (Non-Resident Indian)
You have a PIO card (The Person of Indian origin) / OCI card (Overseas Citizen of India)

Open FCNR Account

Documents Required to open FCNR Account

For NRI (Non-Resident Indian)

A valid passport
Proof of NRI status – Either Employment / Residence Visa copy or Work / Residence Permit
Address proof in India and overseas (as per the Customer Identification Policy)
A copy of your Indian PAN card or Form 60
A recent passport size colour photograph
Additionally for seafarers: Current work contract and copy of CDC along with the disembarkation stamp on the last page & FEMA declaration.

For PIO (Person of Indian Origin)

Valid passport
Valid PIO/OCI card or any other proof of PIO status (as per Customer Identification Policy)
Address Proof (Indian and overseas addresses) as per Customer Identification Policy
Signed and fully filled-in PIO declaration
A copy of your Indian PAN Card or Form 60
A recent passport-size colour photograph.

How to open an FCNR Deposit

Open FCNR Account

You can open a DBS Treasures FCNR Deposit either online or offline. Login to our internet or mobile banking platforms and set up an FCNR Account in seconds.