Foreign Currency Non Resident Account Deposit (FCNR)
Features & Benefits
With our Foreign Currency Non Resident Account Deposit (FCNR) scheme, you can hold your earnings in foreign currencies of your choice in India, that too with high returns. FCNR deposit account has a clear advantage that the customers' fund is protected from fluctuations in exchange rates. Moreover you can earn the interest on this deposit in the designated foreign currency.
How to open ?
- FCNR accounts can be opened by a remittance from abroad in the designated currencies mentioned above.
- The remittance can be by way of DD,TT,MT or personal cheque, traveler's cheques or foreign currency tendered by the account holder personally during temporary visit to India or transfer from existing NRE account of the depositor/ prospective third party depositor.
- In the case of DD, it should be drawn on a bank in the country of the currency
- Click here for list of corresponding banks
- Please inform the branch in prior for making FCNR deposit and mention the purpose of remittance as FCNR Deposit while sending the remittance.
Terms and Conditions
Period
- FCNR deposit can be opened for period 1 Year – 5 Year. Minimum deposit period to earn interest is 1 year
- No interest will be payable if the deposit is closed before completion of 1 Year.
- FCNR deposits can be opened only as fixed deposits and not as savings or recurring deposits.
Permitted Currencies
- US Dollars (USD)
- British Pound (GBP)
- Euro (EUR)
- Japanese Yen (YEN)
- Australian Dollar (AUD)
- Swiss Franc (CHF)
- Canadian Dollar (CAD)
- Singapore Dollar (SGD)
- New Zealand Dollar (NZD)
- Hong Kong Dollar (HKD)
Payment of interest
- The interest on FCNR deposits should be paid on the basis of 360 days to a year.
- Interest on FCNR (B) deposit is calculated and paid at intervals of 180 days each and thereafter for the remaining actual number of days.
Interest Rates
- Please click here for Interest Rates
- Calculate interest using FCNR Interest Calculator
Other Related NRI Deposits
Are you looking for an attractive investment scheme to park your funds with assured higher returns ? Our NRE Fixed Deposit scheme is a right option for you to invest your hard earned money and get periodical income by way of interest.
NRO (Non-Resident Ordinary) Fixed Deposits are maintained in Indian Rupees. NRO Fixed deposits are convenient investment option for NRIs to consolidate earnings in India. All foreign currencies deposited in an NRO account are converted to INR. Interest earned on NRO fixed deposit are subject to TDS. DTAA benefits are available.
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With our FCNR Deposit scheme, you can hold your earnings in foreign currencies of your choice in India, that too with high returns. FCNR deposit account has a clear advantage that the customers' fund is protected from fluctuations in exchange rates.
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