NRI Deposits - Foreign Currency DepositsFCNR Deposits
FCNR Deposits

Key Features

  • Attractive interest rates
  • Auto renewal of Term Deposits on maturity
  • With Loan against FCNR Deposit in rupees, the funds in your FCNR deposit have maximum liquidity.

Our FCNR Deposits provide the 3-way benefit of attractive returns, complete repatriation and zero tax liabilities in India. Above all, they also serve as an effective safeguard against exchange rate fluctuations. You can choose to maintain your account in any of the following major international currencies such as the US Dollar, Pound Sterling, Euro and Japanese Yen.

Features & Benefits

Convenience Banking: Carry out your banking activities with extreme ease and comfort with our Convenience Banking services. You have access to:

  • Net Banking:Take your bank to your living room, to your office or just about any place you choose. Net Banking allows you easy access to your account any time, from any place. Know more about Net Banking.
  • Phone Banking: Our Phone Banking officers are on call 24 hours a day, 7 days a week for you. You can call our toll free number 1800 116022 (North India) OR 1800 226022 (Rest of India) from anywhere in India without spending a single rupee.
    International Callers can call on 0091 22 66006022 - ISD rates apply. Know more about Phone Banking.

Attractive interest rates: With us you get more value for your money. See our Interest Rates

Auto renewal: Enjoy the benefits even if you forget to renew the deposits upon maturity.

Loan against FCNR Deposit: We provide Rupee loans against your FCNR Deposits, thus giving you maximum liquidity for your funds.

Account operation:

  • Account can be held jointly with Non- Resident Indians only.
  • Minimum Balance: You can maintain a FCNR Fixed Deposit with an initial deposit of USD 1000 or equivalent.
  • Nomination facility available

Source of funds:

  • You can freely deposit funds received from abroad in any convertible currency through normal banking channels.
  • You can deposit Traveller's Cheques or foreign currency you bring during your holiday, or any other visit to India, into your account.
  • You can also deposit Interest / Maturity Proceeds of Government securities including National Savings Certificates, dividends of Unit Trust of India, provided these securities were purchased out of funds from NRE / FCNR Accounts.
  • Funds from a local source are permissible only if the funds are repatriable.
  • Rupee funds needs to be converted to FCY before booking as an FCNR deposit.

Freedom of use and movement:

  • You can freely move funds along with interest earned, anywhere outside India without the prior approval of the Reserve Bank of India. This movement of funds is subject to guidelines laid down by the RBI.

Taxation: The principal amount and the interest earned on an FCNR Deposits are exempt from Income Tax in India. Your balance in this account does not attract any Wealth Tax either.