Foreign Currency Non-Resident Accounts(Banks)

Foreign Currency Non-Resident Accounts(Banks)
  • Foreign Currency (Non Resident) (FCNR) accounts can be opened by non-resident Indian and persons of Indian origin.
  • Accounts can be opened jointly with Resident close relatives
The accounts can be opened as Term Deposits in the following currencies:
  1. US DOLLAR (USD)
  2. GREAT BRITAIN POUND (GBP)
  3. EURO (EUR)
  4. JAPANESE YEN (JPY)
  5. CANADIAN DOLLAR (CAD)
  6. AUSTRALIAN DOLLAR (AUD)
  7. NEW ZEALAND DOLLAR (NZD)
  8. SWISS FRANC (CHF)
  9. SINGAPORE DOLLAR (SGD)
  • The period of deposit will be 1 year to 5 years.
  • Interest will be paid on maturity, in the same currency of the deposit.
  • For deposits of tenure up to one year simple interest will be paid and for deposits of tenure beyond one year the interest will be compounded at half yearly rests.
  • The maturity proceed inclusive of interest is fully repatriable.
  • Forward contract can be booked for conversion of proceeds in to Indian Rupee, if needed.

Minimum amount of deposit shall be:

  • USD 1000
  • GBP 1000
  • EUR 1000
  • JPY 100000
  • CAD 1000
  • AUD 1000
  • NZD 1000
  • CHF 1000
  • SGD 1000

Premature closure is allowed. However the interest payable in such cases will be one percent below the rate applicable for the period the deposit has run.

No interest s allowed on a deposit if closed prematurely before completion of one year.

Swap charges will be levied for premature closure of large deposits.

Loan against such deposits can be availed in Indian rupees upto 75% of the deposit amount and accrued interest or Indian rupees one crore (whichever is lower) for purposes other than investment.

Current Interest Rates Details

FCNR Designated Branches


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