Foreign Currency Non Resident Account Deposit (FCNR)

• FCNR accounts can be opened by a remittance from abroad in the designated currencies mentioned above.
• The remittance can be by way of DD,TT,MT or personal cheque, traveler's cheques or foreign currency tendered by the account holder personally during temporary visit to India or transfer from existing NRE account of the depositor/ prospective third party depositor.
• In the case of DD, it should be drawn on a bank in the country of the currency
• Click here for list of corresponding banks
• Please inform the branch in prior for making FCNR deposit and mention the purpose of remittance as FCNR Deposit while sending the remittance.

Period

• FCNR deposit can be opened for period 1 Year – 5 Year. Minimum deposit period to earn interest is 1 year
• No interest will be payable if the deposit is closed before completion of 1 Year.
• FCNR deposits can be opened only as fixed deposits and not as savings or recurring deposits.

Permitted Currencies

• US Dollars (USD)
• British Pound (GBP)
• Euro (EUR)
• Japanese Yen (YEN)
• Australian Dollar (AUD)
• Swiss Franc (CHF) 
• Canadian Dollar (CAD)
• Singapore Dollar (SGD)
• New Zealand Dollar (NZD)
• Hong Kong Dollar (HKD)

Payment of interest

• The interest on FCNR deposits should be paid on the basis of 360 days to a year.
• Interest on FCNR (B) deposit is calculated and paid at intervals of 180 days each and thereafter for the remaining actual number of days.

• Please click here for Interest Rates

• Calculate interest using FCNR Interest Calculator