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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 5 currencies:
Currency Minimum deposit USD, GBP 1,000 SGD, CAD and AUD 2,000 - 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, and SGD
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:
- 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
How to book FCNR/NRE through Wire Transfer |
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|---|---|---|
FCNR |
NRE |
|
Process |
1. Place wire transfer instructions to your overseas bank 2. Mention Customer ID in Beneficiary Account number field and mention tenure details/ FCNR creation in SWIFT remarks 3. For more details on wire transfer refer https://www.icicibank.com/nri-banking/money_transfer/wire-transfer/index 4. PAN/Form 60 is mandatory PAN can be updated through net banking. Incase you do not have PAN, update form 60 through net banking, you will receive SR number as reference, quote the SR number in SWIFT remarks. |
1. Place wire transfer instructions to your overseas bank |
Process and documentation on closure of deposits |
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FD closure |
On maturity |
Premature closure |
Single applicant |
Internet banking or Mobile banking or customer care |
Internet banking or Mobile banking or Direct couriered to ICICI Bank Limited, NRI HUB, RPC Mumbai Autumn Estate, 5th Floor, A wing Near Mhada Chandivali, Andheri-E, Mumbai -400072 |
More than one applicant |
Internet banking or Mobile banking or customer care |
Internet banking or Mobile banking or Direct couriered to ICICI Bank Limited, NRI HUB, RPC Mumbai Autumn Estate, 5th Floor, A wing Near Mhada Chandivali, Andheri-E, Mumbai -400072.
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* 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.
