FCNR deposits allow NRIs to maintain term deposits in foreign currencies (USD, GBP, EUR, etc.) with Indian banks. Interest is payable in the same currency, insulating the deposit from rupee depreciation. Tenures typically range from 1 year to 5 years. Interest rates vary by currency and are usually aligned with international LIBOR/SOFR rates. Eligibility: any NRI or OCI can open an FCNR deposit using funds remitted from abroad or transferred from an existing NRE/FCNR account. Required documents include a valid passport, visa, overseas address proof and PAN or Form 60. Interest on FCNR deposits is tax‑free in India. Compare currency‑wise rates across banks to select the best option.
FCNR Deposit Essentials
| Parameter | Details |
|---|---|
| Currencies | USD, GBP, EUR, JPY, CAD, AUD etc. |
| Tenure | 1 – 5 years |
| Interest payout | Annual or at maturity |
| Taxation | Interest exempt in India |
| Repatriation | Both principal and interest fully repatriable |
Contact your bank for the latest FCNR rates and ensure you understand currency risk.
