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Foreign Currency
Non-Resident
Deposit (FCNR)

Axis Bank is offering the Foreign Currency Non-Resident deposit. With the FCNR you get assured returns on deposits booked for any of 6 currencies of your choice for a tenure ranging from 1 year to 5 years. Apply for the FCNR today to avail all the benefits of FCNR deposit.

Choose deposit tenure from a period of 1 year - 5 years

  • Deposits in FCNR deposit account should be for a minimum one year period and for maximum five year period
  • FCNR deposits can be opened only in the form of Term Deposit and not Recurring deposits
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Choose from many permissible credits

  • Foreign inward remittance
  • Traveller's cheques or foreign currency tendered by the account holder personally
  • Transfer from existing NEW or FCNR deposits
  • FCNR deposits are exempt from tax liability
  • Easily transfer money to overseas - Principal amount and interest earned are fully repatriable
  • Earn high interests on your investments
  • Interest on the deposits accepted shall be paid on the basis of 360 days to a year
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Interest on FCNR deposits shall be calculated as below:

  • For deposits upto one year, at the applicable rate without any compounding effect
  • For more than 1 year, at intervals of 180 days and thereafter for remaining actual number of days may be compounded
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Withdraw from deposit if and when you need to

USD- No penalty for individual deposit below USD 1 million

EURO- No penalty for individual deposit below EURO 1 million

GBP - No penalty for individual deposit below GBP 750,000

JPY- No penalty for individual deposit below JPY 125 million

AUD- No penalty for individual deposit below AUD 1.5 million

CAD- No penalty for individual deposit below CAD 1.5 million

  • For FCNR Deposits qualifying for no penalty as mentioned above, interest rate shall be prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or the contracted rate, whichever is lower
  • For FCNR Deposits qualifying for penalty as mentioned above, interest rate shall be 1% below the card rate prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or 1% below the contracted rate, whichever is lower
  • In case the FCNR deposit is closed prematurely, before completion of the minimum period of 1year, no interest shall be paid for the said term deposit
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NRI Easy Guide

NRI Easy Guide

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