Foreign Currency Non Resident (FCNR)

A Global Account for a Global Citizen

International Banking > NRI Banking > NRI Banking Fixed Deposits > Foreign Currency Non Resident (FCNR) (B) Account

Salient Features:

  • You may open FCNR Term Deposits in any permitted currency i.e a foreign currency which is freely convertible
  • Period: One year to Five years
  • Minimum Deposit Amount: USD 1,000 or equivalent
  • Jointly with other Non-resident or jointly with resident close relative in India provided first name account holder is an NRI on former or survivor basis
  • Both the interest and principal are fully repatriable. Further, there would be no exchange loss as they would be repatriated in the currency of the deposit
  • There is no tax on the principal or interest
  • Account can be operated by a Power of Attorney Holder

Eligibility:

You are eligible to open an FCNR (B) account if

  • You are a Non-resident individual of Indian nationality or Indian origin
  • In case, you are an individual of Indian origin, but Pakistani or Bangladeshi nationality, prior approval of the Reserve Bank of India would be required for opening the account

How do I open an FCNR (B) account?

  • With funds remitted from abroad in any permitted currency through banking channels
  • By surrender of Foreign Currency (FC)/ Foreign Currency Travellers Cheque (FCTC) to the Bank by the Account Holder in person while on a temporary visit to India, subject to CDF rules.
  • By transfer of funds from an existing Non-Resident Account viz. FCNR(B) or NRE

Note: Third party TCs not permissible.

  • For current interest rates on FCNR Deposits please Click here
  • For our list of foreign exchange branches (‘B’ category) please Click here
  • For our list of Overseas (NOSTRO) Accounts please Click here
  • For FAQ's please Click here
  • To download Account Opening Form please Click here
  • Document Checklist
  • USA Patriot Act Certificate Click here
  • For more details about Forex Other Services contact us at 41834500/528/529/530/542/560