FCNR stands for Foreign Currency Non-Repatriable deposit account under which the amount is held in foreign currency. All banks offer this facility to Non-Residential Indians at attractive interest rates. FCNR deposit accounts are popular among NRIs as they offer an attractive rate of interest. The deposited amount (principal and interest earned) is fully repatriable. There is no risk of currency exchange as the deposited amount earns interest in the foreign currency in which the deposit was made. Also, the interest earned on FCNR is exempt from Income Tax in India.
Mentioned below is the list of banks and their FCNR interest rates:
Please note that Interest Rates are subject to change, without notice, as per the market trends and the bank’s decision in this regard is final.
Foreign Currency Non Resident (Bank) - FCNR (B) deposit rates (% p.a.) (Effective April 01, 2019)
| MATURITY SLAB | USD | GBP | EUR | AUD | CAD | JPY | SGD | HKD | CHF |
|---|---|---|---|---|---|---|---|---|---|
| 1 yr to less than 2 yrs | 3.28% | 1.59% | 0.26% | 2.37% | 2.45% | 0.46% | 2.58% | 2.46% | 0.00% |
| 2 yrs to less than 3yrs | 3.11% | 1.62% | 0.28% | 2.28% | 2.40% | 0.38% | 2.53% | 2.51% | 0.00% |
| 3 yrs to less than 4 yrs | 3.03% | 1.68% | 0.36% | 2.27% | 2.40% | 0.31% | 2.50% | 2.55% | 0.00% |
| 4 yrs to less than 5 yrs | 3.00% | 1.73% | 0.44% | 2.44% | 2.43% | 0.26% | 2.48% | 2.56% | 0.00% |
| 5 years only | 3.01% | 1.78% | 0.53% | 2.50% | 2.48% | 0.24% | 2.48% | 2.60% | 0.00% |
Source: IDBI official website
| Currency | 1 year and above but less than 2 years | 2 years and above but less than 3 years | 3 years to less than 4 years | 4 years to less than 5 years | 5 years |
|---|---|---|---|---|---|
| USD | 3.50% | 3.25% | 3.00% | 3.00% | 3.00% |
| GBP | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| EUR | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| AUD | 2.40% | 2.30% | 2.30% | 2.30% | 2.30% |
| CAD | 2.65% | 2.55% | 2.25% | 2.15% | 2.15% |
Source: DCB Bank official website
FCNR (B) Deposit Interest rate per annum on FCNR (B) Deposits with effect from 01st April 2019.
| MATURITY SLAB | USD | GBP | EUR | AUD | CAD | JPY | SGD | HKD | CHF | CHF |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 yr to less than 2 yrs | 3.28% | 1.59% | 0.26% | 2.37% | 2.45% | 0.46% | 2.58% | 2.46% | 0.00% | 0.00% |
| 2 yrs to less than 3yrs | 3.11% | 1.62% | 0.28% | 2.28% | 2.40% | 0.38% | 2.53% | 2.51% | 0.00% | 0.00% |
| 3 yrs to less than 4 yrs | 3.03% | 1.68% | 0.36% | 2.27% | 2.40% | 0.31% | 2.50% | 2.55% | 0.00% | 0.00% |
| 4 yrs to less than 5 yrs | 3.00% | 1.73% | 0.44% | 2.44% | 2.43% | 0.26% | 2.48% | 2.56% | 0.00% | 0.00% |
| Maturity period/Currency | AUD | CHF | JPY | CAD |
|---|---|---|---|---|
| 1 Y to less than 2 Y | 2.67% | 0.41% | 1.05% | 3.27% |
| 2 Y to less than 3 Y | 2.53% | 0.36% | 0.97% | 2.89% |
| 3 Y to less than 4 Y | 2.52% | 0.42% | 0.96% | 2.85% |
| 4 Y to less than 5 Y | 2.69% | 0.50% | 0.96% | 2.85% |
| 5 Y | 2.75% | 0.58% | 0.97% | 2.88% |
Source: South Indian Bank official website
| Period | Rates for USD | Rates for GBP | Rates for EURO | Rates for AUD | Rates for CAD |
|---|---|---|---|---|---|
| 12-15-18-21 months | 3.03 | 1.12 | 0.28 | 1.87 | 2.47 |
| 24-27-30-33 months | 2.86 | 1.22 | 0.30(22M) | 1.78 | 2.14 |
| 36-39-42-45 months | 2.78 | 1.26 | 0.38 | 1.77 | 2.10 |
| 48-51-54-57 months | 3.00 | 1.55 | 0.19 | 2.19 | 2.35 |
| 60 months | 3.01 | 1.59 | 0.29 | 2.25 | 2.38 |
Source: Maharashtra Bank official website
| Currency | 1y - <2y | 2y - <3y | 3y - <4y | 4y - <5y | 5 YEAR |
|---|---|---|---|---|---|
| USD | 3.83 | 3.61 | 3.78 | 3.95 | 3.96 |
| GBP | 2.12 | 2.22 | 2.51 | 2.75 | 2.79 |
| EUR | 1.03 | 1.05 | 1.38 | 1.64 | 1.74 |
| CAD | 2.72 | 2.39 | 2.35 | 2.35 | 2.38 |
| AUD | 2.12 | 2.03 | 2.02 | 2.19 | 2.25 |
| JPY | 1.25 | 1.22 | 1.45 | 1.66 | 1.67 |
| CHF | 0.61 | 0.61 | 0.92 | 1.19 | 1.28 |
Interest Rates on FCNR-B Deposits:
Above Interest Rates (% p.a.) applicable from Apr 01, 2019 to Apr 30, 2019. Source: Tamilnad Bank official website
FCNR (B) / RFC Deposits Interest Rates offered for the period “Five Years Only” Interest rates on RFC – SB deposits w.e.f 04.03.2019 :
| CURRENCY | INTEREST RATE |
|---|---|
| GBP | 0.73 % |
| USD | 2.49 % |
| EUR | 0.00 % |
Interest Rates on RFC-Term deposits w.e.f 04.03.2019 are as under:
| Period of RFC Deposit | GBP | USD | EUR |
|---|---|---|---|
| 1 Month to less than 3 Months | 0.73 | 2.49 | 0.00 |
| 3 Months to less than 6 Months | 0.85 | 2.62(15M) | 0.00 |
| 6 Months to less than 1 Year | 0.99 | 2.69 | 0.00 |
| 1 Year to less than 2 Years | 0.95 | 2.64 | 0.00 |
| 2 Years to less than 3 Years | 1.12 | 2.58 | 0.00 |
Interest Rates on FCNR (B) deposits w.e.f 04.03.2019 as under:
| Maturity Period | GBP | USD | EUR | AUD | CAD |
|---|---|---|---|---|---|
| One year to less than two years | 1.45 | 3.39 | 0.32 | 2.33 | 2.89 |
| 2 years to less than three years | 1.62 | 3.33 | 0.36 | 2.28 | 2.66 |
| 3 years to less than four years | 1.70 | 3.28 | 0.45 | 2.28 | 2.67 |
| 4 years to less than five years | 1.76 | 3.25 | 0.56 | 2.47 | 2.69 |
| 5 years only | 1.81 | 3.27 | 0.66 | 2.54 | 2.71 |
Source: Vijaya Bank official website
Are NRO funds repatriable?
No, an NRO account is non-repatriable, meaning its funds cannot be transferred back to the country of origin.
Can I deposit USD in NRO?
No, an NRO deposit can only be made in INR.
Is FCNR a good investment?
An FCNR is a type of an account, not an investment product. Through FCNR, you can make deposits in foreign currency and earn interest.
Is FCNR interest taxable in India?
No, the interest earned and the principal amount is exempt from income tax in India.
What is the maximum tenure for an FCNR deposit?
The maximum tenure for an FCNR deposit is 5 years.
What is the minimum tenure for NRE deposit?
The maximum tenure for an NRE deposit is 1 year.
Who can open an FCNR account?
Only NRIs can open an FCNR account.
