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

Enjoy competitive interest rates on FCNR account.

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.

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 RBI FCNR(B) Swap Facility for a tenure of 3 to 5 years during the period from 12 June 2026 to 30 September 2026 are subject to a mandatory one-year lock-in period, during which premature closure is not permitted.

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 4% shall be applicable on eligible FCNR(B) deposits booked with an original contractual maturity period of 3 years to 5 years tenor under the RBI FCNR (B) swap facility, where the deposit is prematurely withdrawn after completion of 1 year but before completion of 3 years from the date of booking

A premature withdrawal penalty of 2% shall be applicable on eligible FCNR(B) deposits booked with an original contractual maturity period of 3 years to 5 years tenor under the RBI FCNR (B) swap facility, where the deposit is prematurely withdrawn after completion of 3 years but before the original maturity date