FCNR Deposits – Foreign Currency Investment for NRIs

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Foreign Currency Non Resident Deposit

Invest in a foreign currency account that lets you deposit up to 5 currencies and protect it from exchange rate risk.

Available in the form of term deposit in USD, EURO, GBP, AUD and SGD currencies

Auto renewal of FCNR deposits on maturity

Fully and freely repatriable deposit (both principal and Interest)

FCNR deposits can be booked by debiting the NRE account through normal banking channel

Other Features

Interest on FCNR deposits compounded on 180 days
To earn interest on fixed deposit, it needs to be kept for minimum of one year and above up to maximum of 5 years
It can be jointly opened by NRIs/PIOs
The principal amount and the interest earned on FCNR deposit is exempted from Income Tax in India

Frequently Asked Questions

Can I Partially withdraw from my FCNR Deposit?

Partial withdrawal of FCNR deposits is permissible. However, interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit remained with the bank, or at the contracted rate, whichever is lower. Furthermore, the bank will levy a penal charge for such premature withdrawals.