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FCNR(B) Fixed Deposit Account

Key Highlights

Book FCNR (Foreign Currency Non-Resident) deposits for high yields in foreign currency
FCNR can be booked in 7 currencies:

Request a call back to open an NRI Account

Currency Minimum deposit

USD, GBP 1,000

SGD, CAD and AUD 2,000

HKD 10,000

JPY 200,000
Principal amount and interest earned is fully repatriable
Interest earned is tax free in India
Modes of booking FCNR deposit - Internet Banking, I-mobile, Phone Banking, Wire Transfer,
Request at your nearest branch
Click here for FCNR Interest rates
Tenure:
- Ranging from 1 to 5 years for USD, GBP, CAD, AUD, HKD, and SGD
- Tenure for JPY can be offered for 2 years

Currency	Minimum deposit
USD, GBP	1,000
SGD, CAD and AUD	2,000
HKD	10,000
JPY	200,000

Existing Customer New Customer

Book FCNR (Foreign Currency Non-Resident) deposits for high yields in foreign currency
FCNR can be booked in 9 currencies:

Request a call back to open an NRI Account

Currency Minimum deposit

USD, GBP, EUR and CHF 1,000

SGD, CAD and AUD 2,000

HKD 10,000

JPY 200,000
Principal amount and interest earned is fully repatriable
Interest earned is tax free in India
Modes of booking FCNR deposit - Internet Banking, I-mobile, Phone Banking, Wire Transfer,
Request at your nearest branch
Click here for FCNR Interest rates
Tenure: Ranging from 1 to 5 years

Currency	Minimum deposit
USD, GBP, EUR and CHF	1,000
SGD, CAD and AUD	2,000
HKD	10,000
JPY	200,000

Existing Customer New Customer

What is FCNR(B) Fixed Deposit Account?

FCNR(B) is a fixed deposit held in foreign currency
An investment option for NRI/ PIO/ OCIs looking to retain their money in foreign currency for good returns

Why choose FCNR(B) FD?

Book FCNR(B) deposits to earn higher returns on foreign currency deposits
Avoid foreign currency exchange risk, ensuring high and guaranteed returns
When you are unsure of where you wish to use/ invest your earnings (India or overseas) to avoid dual conversion of your money

Other Features

Hassle-free renewal: Automatic renewal of your principal and interest on maturity
Easy movement: Principal amount and interest earned are fully repatriable
Tax benefits: Interest earned is not taxable in India
Attractive loan options: Loans up to 85% of your deposit at attractive interest rates (Maximum Rs. 500 lakh)
Quick processing: Electronic Deposit Confirmation Advice (E- DCA) on your e-mail ID in 1 working day (if you have subscribed for account statement via e-mail)

FCNR Fixed Account Benefits

Here are four benefits of holding an FCNR account:

Denominated in foreign currency, so no impact of exchange rate fluctuations.
Better Foreign currency yields with attractive FCNR rates
Full repatriability of funds, whether principal or interest
Interest earned on FCNR deposits is tax-free.
No restriction on taking loans against FCNR accounts in India and abroad.

Please Note:

The deposit would be booked with the net amount received after deducting appropriate charges/ fees as may applicable at the time of remittance/ clearance of the cheque
In case of FCNR (B) FD booking request through wire transfer/ remittances, the request for FCNR (B) FD will be processed only if the remitter and the beneficiary name matches. For complete details, please visit Terms and Conditions

Difference between FCNR, NRO and NRE accounts

Key differences between FCNR, NRO, and NRE account are tabulated below:

Particulars	FCNR	NRO	NRE
Denomination	Foreign currency	Indian currency	Indian currency
Type of Account	Recurring Deposit/ Fixed Deposit	Current account/ savings account/ Recurring Deposit/ Fixed Deposit	Current account/ savings account/ Recurring Deposit/ Fixed Deposit
Repatriability of Funds	No restrictions	No restrictions on interest earned, principal repatriable up to specified limits	No restrictions
Taxation on interest income	Exempt	Taxable	Exempt

How to open an FCNR account?

One can open an FCNR account through internet banking, iMobile or by visiting nearest branch in any of the freely convertible foreign currencies. It must be noted that different foreign currencies carry different FCNR interest rates .

How can you transfer your funds to the FCNR account?

Funds can be transferred into the FCNR account from your NRE account in India or any foreign currency account outside India. When you transfer funds from the NRE account, the amount transferred will be converted into the foreign currency at prevailing exchange rates and thereafter, deposited in foreign currency equivalent. Further, it must be noted that funding of FCNR account is not possible from third-party account

FD Closure	On maturity Any amount	Premature closure
FD Closure	On maturity Any amount	Less than INR 10 lakh or equivalent	INR 10 lakh or equivalent and greater
Single	Internet Banking or Mobile Banking or Customer Care	Internet Banking or Mobile Banking or Customer Care
More than one applicant	Internet Banking or Mobile Banking or Customer Care	Internet Banking or Mobile Banking The following documents need to be uploaded while making the request; FD closure request signed by all deposit holders and Copies of the passport of each deposit holder which is counter signed (self-attested).	Following physical documents need to be couriered to ICICI Bank Limited NRI HUB, RPC Mumbai Autumn Estate, 5th Floor, 'A' Wing Near Mhada, Chandivali, Andheri (E) Mumbai - 400 072, India. FD closure request signed by all deposit holders and Copies of the passport of each deposit holder which is counter signed (self-attested) and A cancelled cheque (original) of an NRE SB or NRO SB account is held in the same Customer ID as the deposit being closed.

* The deposit would be booked with the net amount received after deducting appropriate charges / fees as may applicable at the time of remittance / clearance of the cheque.