A Foreign Currency Non Resident Deposit (FCNR) offers you the option of making a deposit in four foreign currencies: US Dollar (USD), EURO (EUR), Pounds (GBP) & Yen (JPY). NRIs with convertible currencies other than the four mentioned here may still open accounts by converting the currency into US GBP. When the deposit matures, the amount of the deposit along with interest will be converted to the original currency at the prevailing rate at the option of the account holder.

Benefits

• Maintain account in a choice of multiple currencies: USD, EUR & GBP
• Loan of up to 85% of your deposit at attractive interest rates*
• Tenures ranging from 1 to 3 years
• Electronic Deposit Confirmation Advice (E- DCA) on your e-mail id within 1 working day (If you have subscribed for account statement via e-mail)
• Minimum deposit amount : USD 1000, GBP 1000 & EUR 1000
• Automatic renewal of your deposit on maturity
• Principal amount and interest earned is fully repatriable
• Can be opened jointly with other NRIs. A resident Indian cannot be a joint holder in a FCNR Term Deposit
• Operation through a Mandate Holder facility Download Mandate Form (PDF)
• Nomination facility
• Any Branch Banking: Enjoy the convenience of banking at any of our branches seamlessly
• Interest earned on the NRE account is exempt from tax as per clause 4(ii) of Section 10 of the Income Tax Act, 1961
• Principle and Interest is Freely Repatriable
• Interest earned on the NRE account is exempt from tax as per clause 4(ii) of Section 10 of the Income Tax Act, 1961
• Reinvestment Certificate: Interest accrued on your deposit gets compounded semi-annually and is paid to you on maturity along with the principal amount giving you a higher yield.
• Fixed Deposits: Interest is paid to you every 6 months or 12 months - as per your choice
• Safe Deposit Locker at certain branches, for safety of your valuables and important documents while you are away

How do I fund my FCNR Deposit?

• Funds transferred from abroad in a freely convertible foreign currency in an approved manner or from an existing NRE/FCNR Account/Deposit held in other banks.
• Directly remit the amount to us
• Tendering Foreign Currency notes/traveler's cheques brought in during your visit to India

Interest Rates

*Conditions Apply