Foreign Currency Non-Resident Deposit (FCNR-B)

Foreign Currency Non-Resident deposit (FCNR-B) is designed for Non-Resident Indians (NRIs) and Person of Indian Origin (PIOs) to invest their foreign earnings in India without currency risk.
Enjoy Tax free interest, full repatriation of funds and deposits in major global currencies.
Choose from flexible tenures while ensuring safeguard your wealth and enjoy global financial freedom.

FCNR(B) Deposit Interest Rate

Term Deposit – Interest Rates effective from 01st September 2026

Currency	Tenure	FCNR(B) Term Deposit Interest Rate
USD	1 Yr < 2 yrs	5.30%
	2 Yr < 3 yrs	4.50%
	3 Yr < 4 yrs	4.25%
	4 Yr < 5 yrs	4.00%
	5yr	4.00%
Currency	Tenure	FCNR(B) Term Deposit Interest Rate
GBP	1 Yr < 2 yrs	5.00%
	2 Yr < 3 yrs	4.80%
	3 Yr < 4 yrs	3.00%
	4 Yr < 5 yrs	3.00%
	5yr	3.00%
Currency	Tenure	FCNR(B) Term Deposit Interest Rate
EUR	1 Yr < 2 yrs	3.00%
	2 Yr < 3 yrs	3.00%
	3 Yr < 4 yrs	2.50%
	4 Yr < 5 yrs	2.00%
	5yr	2.00%

Key Terms: -

FCNR Deposits are available only for NR customers (individuals)
The revised interest rates shall be applicable exclusively to FCNR(B) Term Deposits booked on or after 1 September 2026.
The applicable rate on premature closure shall be determined based on the contracted Interest Rate or the applicable Interest Rate on the date of premature closure - whichever is lower.
In case of premature closure before completion of one year from the date of deposit, no interest shall be payable on the deposit.
No Penalty shall be imposed for deposits eligible for premature closure before the contracted maturity

Conditions of FCNR(B) Deposits Mobilised under RBI Swap Arrangement (During 8th June’26 – 31st Aug’26) :

The existing terms and conditions applicable to FCNR(B) Term Deposits mobilised under the RBI Swap Arrangement (8 June 2026 to 31 August 2026) shall continue to remain applicable.

No premature withdrawal shall be permitted before completion of one year from the date of deposit booking.
A 1% premature withdrawal penalty shall be applicable for eligible FCNR(B) deposits closed after completion of one year but before the contracted maturity.
The applicable rate on premature closure shall be determined based on the contracted Interest Rate or the applicable Interest Rate on the date of premature closure - whichever is lower.

The Bank reserves the right to review, revise, or withdraw the proposed rates based on market movements, liquidity conditions, funding requirements, regulatory changes, or any other business considerations

Features & Benefits

Flexible Tenure from 1 to 5 Years

Tax exempt in India

You can hold your deposits in USD, GBP and EUR Currency

Safeguard your deposits against exchange rate fluctuations

Transparent Premature Withdrawal Terms

Attractive interest rates

Minimum Deposit value would be 500 USD/GBP/EUR

Automatic renewals

Please note: Interest On deposit Calculation on FCNR shall be accepted under the scheme should be paid on the basis of 360 days to a year and at a frequency of 180 days each from date of Term Deposit and thereafter for the remaining actual number of days.

Disclaimer: “The features mentioned herein are subject to prevailing foreign exchange regulations and applicable laws. Other T&C Apply”

Eligibility Criteria

Non-Resident Indians (NRIs) - An Indian citizen residing outside India for the purpose of:

Employment, business or vocation, Studies or training outside India
Indian citizens deputed abroad by the Government of India or Public Sector Undertakings
Indian nationals working as mariners, or those working on oil rigs, or employed with foreign-registered airlines

PIO (Person of Indian Origin) / OCI (Overseas Citizen of India) - An individual holding a foreign passport (other than citizens of Pakistan and Bangladesh) who:

Has held an Indian passport at any point of time
Whose parent or grandparent was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955
Is a spouse of an Indian citizen or spouse of a Person of Indian Origin (PIO)

FCNR Deposits AOF Click Here

FAQs

An FCNR (Foreign Currency Non-Resident) account is a deposit account for NRIs to park money in foreign currencies. Funds are maintained in designated foreign currency which helps in protecting your money from currency fluctuations. Additionally, FCNR accounts offer tax-free interest in India.

Yes, you can open a joint FCNR account with another NRI or PIO. Resident close relatives (as defined under FEMA) can also be joint holders, but only in ‘Former or Survivor’ mode.

No, there are no restrictions. Both principal and interest are fully repatriable, meaning you can transfer them abroad or convert them into INR without any hassle.

The minimum deposit amount for any currency is 500. Example: for USD, it’s USD 500. There’s no maximum limit.

Yes, you can close your FCNR account before the due date. However, no interest will be payable if deposit is withdrawn/closed within one year from the booking date.

Yes, you can add a nominee.

Yes. Interest is fully exempt from Indian income tax for NRIs. There are no wealth tax or gift tax liabilities in India either.

No. Since both the deposit and interest are maintained in foreign currency, your funds are protected from INR depreciation while you enjoy stable returns.

You can maintain an FCNR deposit for a tenure ranging from 1 year to 5 years.

If you opt for the Auto Renewal facility, your deposit will be automatically renewed for the same tenure at the prevailing interest rate. If you do not opt for the facility, your deposit and the interest earned will be credited to your designated account upon maturity.

Yes. FCNR(B) USD deposits booked under the 3 years up to 5 years tenor during the period 12/06/2026 to 31/08/2026 under the RBI FCNR (B) swap facility shall have a mandatory Lock in period of One Year. No premature closure will be permitted during this period.

For eligible FCNR(B) USD deposits booked under the RBI FCNR(B) Swap Facility:

No premature closure during the first year.

A premature withdrawal penalty of 1% for eligible FCNR(B) deposits will be applicable for the deposits closed after completion of one year but before completion of contracted maturity for the FCNR(B) created under the RBI Swap policy (8th Jun’26 – 31st Aug’26).

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