FCNR(B) Fixed Deposit Account

Key Highlights

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

• 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:

1. Denominated in foreign currency, so no impact of exchange rate fluctuations.
2. Better Foreign currency yields with attractive FCNR rates
3. Full repatriability of funds, whether principal or interest
4. Interest earned on FCNR deposits is tax-free.
5. 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:

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

* 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.

Forms

• Account opening
• Account closure
• Request for an additional savings account / fixed deposit

Mandate Holder Applications

• Add a mandate in My Account
• Cancel mandate from My Account
• Update new mandate in My Account

Nominee Applications

• Add a nominee
• Cancel nomination in My Account
• Update nominee information
• No nominee declaration

View More

FAQ