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FCNR DEPOSITS

With this account not only will you grow your foreign currency securely by protecting it against exchange rate fluctuation but also earn interest at Indian rates.

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  • Features & Benefits

    Why choose this product:

    • Book fixed deposit in 6 foreign currencies and protect your deposit from exchange rate risks
    • Fully repatriate both
      principal and interest,
      get tax exemptions
    • Avail overdraft up to 70% of the FCNR deposit amount
    • Hold your deposit in any of the 6 foreign currencies - US Dollars, Pounds Sterling, Euro, Japanese Yen, Australian Dollars, Canadian Dollars
    • Repatriate principal and interest amount fully
    • Enjoy tax exemption on the entire deposit
    • Open the deposit jointly with other NRIs
    • Avail of Super Saver facility to get an overdraft on your NRO Savings / Current account against your FCNR Fixed Deposit
    • Avail of the nomination facility
    • Minimum initial deposit -
      USD 1,000/-, GBP 2,500/-, Euro 2,500/-, JPY 7,50,000/-, AUD 1,000/-, CAD 1,000/-
    • Minimum add-on deposit -
      USD 1,000/-, GBP 1,000/-, Euro 1,000/-, JPY 7,50,000/-, AUD 1,000/-, CAD 1,000/-
    • Maintain the deposit for a tenor of minimum 1 year and a maximum of 5 years
  • Interest Rates

    • Interest rates are subject to change from time to time
    • To ensure you are seeing the updated page, we request you to clear your browser cache
    • Applicable interest rates will be given as on the date of receipt of the funds by the Bank
    • Interest rates displayed on a per annum basis

    To Know More about current FCNR Fixed Deposits Rates,click here.

  • Depositing money to your account

    To deposit money in your FCNR Fixed Deposit, you can:

    • Transfer funds from abroad in a freely convertible foreign currency
    • Present foreign currency notes/travellers cheques brought in by you or Joint NRI account holder during a visit to India
    • Directly remit the amount to us through wire transfer/telegraphic transfer
    • Transfer funds from an existing FCNR Account held in other Banks
  • Eligibility

    You are eligible if you are a non-resident individual of Indian nationality or of Indian origin. The deposit can also be held jointly with other NRIs.

  • FAQs

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    In what currency can my FCNR Accounts be maintained?

    Under this scheme, you can open Fixed Deposit Accounts in USD, GBP, EURO, JPY, AUD & CAD.

    What is the minimum amount with which I can open an FCNR Account?

    Minimum initial deposit Minimum add on deposit
    USD 1,000/- USD 1,000/-
    GBP 2,500/- GBP 1,000/-
    EURO 2,500/- EURO 1,000/-
    JPY 7,50,000/- JPY 7,50,000/-
    AUD 1,000/- AUD 1,000/-
    CAD 1,000/- CAD 1,000/-

    What is the frequency of interest payment on my FCNR Deposit?

    You can choose between receiving interest payments on your FCNR Deposits either half-yearly.

    Can I transfer funds from my existing FCNR to open NRE / NRO Account?

    Yes. You can transfer funds from your existing FCNR to open NRE / NRO Account.

    Can I have a joint applicant on the FCNR Deposit?

    Yes. You can hold the deposit jointly with other Non-Resident Indian(s) only or Resident Indian*.

    *(on former or survivor basis)

    What taxes am I liable to pay if I have an FCNR Deposit?

    As per the current guidelines, the entire deposit (principal and interest) is exempted from tax in India.

    Can I have a nominee for my FCNR Deposit?

    Yes. Nomination facility is available under FCNR Deposit.

    Can I avail of a loan against FCNR Deposits?

    Yes. You can avail of a loan against your FCNR Deposits in Rupees or in Foreign Currency. The loan/overdraft can be used for personal purposes or for carrying on business activities other than

    • Relending
    • Agricultural/plantation activities
    • Real estate business

    Can I break my FCNR Deposit before the maturity period?

    Yes. You can break your FCNR Deposit before the maturity period. FCNR Deposits will qualify for interest only if they have run for a 1 year period.

    Refer the T & C.

    What is the tenor and interest rate for which I can open FCNR Deposit?

    Please click here to know more for tenor and interest rate.

    Can my Deposits with the Bank be automatically renewed on maturity?

    If you provide specific auto renewal instructions, the deposit will be renewed on maturity in accordance with the instructions. In the absence of any instructions, deposit will be renewed for the same period at the rates prevailing on the date of maturity.

    Can I transfer funds from my existing NRO Accounts to open NRE / FCNR Deposit?

    No. NRO funds cannot be used to create NRE/FCNR Deposit.

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