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Deposits

Foreign Currency Non-Resident Deposit

Get assured returns from among any of 6 currencies of your choice for a tenure ranging from 1 year to 5 years

Renewability

The deposits can be renewed on maturity

6 Currency Options

Choices of currencies are USD, GBP, EURO, JPY, AUD and CAD

Flexible Tenure

1 to 5 years

Tax-Free Interest

Interest on accepted deposits paid on the basis of 360 days to a year

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Eligibility and Documentation

Fees and Charges

Features and Benefits

Under this scheme, you can open Fixed Deposit Accounts in USD, GBP, EURO, JPY, AUD, and CAD.

Yes. You can transfer funds from your existing FCNR to open NRE/NRO Account.

As per the current guidelines, the entire deposit (principal and interest) is exempted from tax in India.

Yes. Nomination facility is available under FCNR Deposit.

Yes. You can avail of a loan against your FCNR Deposits in Rupees or in Foreign Currency. The loan/overdraft can be used for personal purposes or for carrying on business activities other than:

  • Relending
  • Agricultural/plantation activities
  • Real estate business

Yes. You can break your FCNR Deposit before the maturity period. FCNR Deposits will qualify for interest only if they have run for a 1 year period.

No. NRO funds cannot be used to create NRE/FCNR Deposit.

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WHAT'S NEW ?

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Here's a quick guide to the recent  RBI Directive on Demonetization

Read all Demonetisation related
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