Foreign Currency Non Resident (FCNR) Deposits
Your foreign currency savings can earn attractive returns in India. With the Foreign Currency Non Resident(FCNR) Deposits, you can do so without converting your savings into Indian rupees.
- Foreign Currency Non Resident(FCNR) Deposits can be maintained in GBP, EUR and USD
- Open a deposit with as low as GBP 15,000 / EUR 17,000 / USD 25,000
- Interest income is not taxed in India
- Minimum period 1 year and maximum period 5 years
- Principal and interest amounts are fully repatriable
To apply now:
Interest rates on Foreign Currency Non Resident(FCNR) Deposits
Term Deposits Interest rate-Applicable for FCNR deposits w.e.f. 17.06.2020 (rate % p.a.)
> = 12 months < 24 months
> = 24 months < 36 months
> = 36 months < 48 months
> = 48 months < 60 months
The Foreign Currency Non Resident (FCNR) Deposits interest rates are regulated by the Reserve Bank of India.
Above FCNR Term Deposit Interest Rates (% p.a.) are applicable for deposits less than USD 100,000/GBP 60,000/EUR 60,000.
For FCNR Term Deposits of USD 100,000/GBP 60,000/EUR 60,000 or more, same is uploaded on the website.
1% premature withdrawal penalty as applicable for deposits of 1 year and above. No Interest is payable for deposits of less than 1 year.
The rates are subject to change without notice. Interest rate compounded half yearly. Senior Citizen & Staff-Special rate not applicable.