Make the most of your savings with our foreign
currency deposits
Types of Fixed Deposits Foreign Currency Accounts
FCNR Deposit Rates
Period
|
GBP
|
USD
|
EURO
|
JPY
|
AUD
|
CAD
|
SGD
|
Effective Date
|
|---|---|---|---|---|---|---|---|---|
| 1 Year- less than 2 years | 3.95% | 3.95% | 2.30% | 0.75% | 4.50% | 2.30% | 1.05% | June 1, 2026 |
| 2 years - less than 3 years | N/A | 3.60% | N/A | N/A | 4.00% | 2.10% | N/A | June 1, 2026 |
| 3 year to less than 4 years | N/A | 6.00% | N/A | N/A | 4.25% | 2.50% | N/A | June 10, 2026 |
| 4 years to less than 5 years | N/A | 6.00% | N/A | N/A | 4.10% | 2.40% | N/A | June 10, 2026 |
| 5 years only | N/A | 6.00% | N/A | N/A | 4.10% | 2.40% | N/A | June 10, 2026 |
New Customers: Click here to talk to our Executive!! EXISTING Customers: Click here to book a deposit online through NetBanking!!
Click here to talk to our PHONEBANKING Agent!!
IMPORTANT NOTES:
FCNR Deposits: Existing FCNR deposits booked under GBP, EURO & JPY currencies for the tenor 1 year 1 day to 5 year and which are due for auto renewal will be auto renewed for 1 year tenor by default.
No interest will be paid if the FCNR Deposit is prematurely withdrawn before 1 year. No Penalty will be levied on premature closure of FCNR Fixed Deposit.
With effect from July 22nd, 2023, the interest rate applicable for premature withdrawal including Partial Withdrawal on FCNR Deposits will be the rate on the date of deposit booked for the period for which deposit remained with the bank and not at the contracted rate.
Prior to July 22nd, 2023, For Premature Closure (for all amounts, and for including Sweep In / Partial Withdrawal), the final rate applicable will be lower of either: a) the rate for the original /contracted tenor for which deposit has been booked or b) the base rate applicable for the tenor for which the deposit has been in force with the bank.
The base rate is the rate applicable to deposits of less than 1 Mn as on the date of booking the deposit. The paid interest amount (in case of half yearly pay out mode) will be adjusted against Principal Balance of the Deposit in case of Premature withdrawal of the FCNR Deposit before 1 year. The interest is calculated on a half yearly basis. Interest for re-investment deposit is calculated every six months and the Principal is increased to include interest earned during the previous six months. Deposit will be booked upon availability of clear funds with the bank and applicable interest rate will be given as on the date of receipt of the funds by the bank.
The interest rates are applicable for fresh and renewal fixed deposits and are subject to change from time to time. Kindly check the rates before booking the FCNR Fixed Deposit. The FCNR Deposit booking request through Netbanking will be processed within 2 working days except Saturday, Sunday, Indian public holidays, International currency holidays. The actual interest rate and forex rate being applied will be the one which is prevailing at the time of processing the deposit and not at the time of receiving the request.
More About Fixed Deposits Foreign Currency Accounts
The key features include:
Fixed Deposits Foreign Currency Accounts offer benefits such as hedging against currency fluctuations, earning attractive interest rates, the option to hold funds in foreign currencies, and easy repatriation of funds for international transactions.
*The (Most Important Terms and Conditions) for each of our banking offerings features all the specific terms and conditions that govern their use. You must go through it thoroughly to fully understand the terms and conditions applicable to any banking product you choose.
Frequently Asked Questions
Fixed Deposits Foreign Currency Accounts are savings accounts denominated in foreign currencies like USD, SGD, GBP, EUR, etc., that are offered by banks. NRI and PIO Individuals can deposit funds in these currencies, earning interest at rates linked to the respective currency's market conditions.
A Fixed Deposit Account in Foreign Currency is for Non-Resident Indians who want to hold foreign currencies at their Indian bank. With HDFC Bank's FCNR accounts, you can:
Hold deposits in six global currencies: USD, SGD, GBP, EUR, JPY, AUD, and CAD.
Earn Indian interest rates on your foreign currency.
Repatriate both principal and interest on maturity. Enjoy tax exemption on the entire deposit.
The key distinctions between them are as follows:
NRE FD (Non-Resident External FD):
Purpose: Allows NRIs to invest foreign income in Indian financial institutions.
Deposit Currency: Foreign currency (converted to INR at prevailing exchange rates).
Withdrawal Currency: Indian Rupee (INR).
Taxation: Interest earned is not taxable in India.
FCNR FD (Foreign Currency Non-Resident FD):
Purpose: Suited for NRIs managing expenses and investments outside India.
Deposit Currency: Maintained in foreign currency (eliminates exchange rate fees and currency fluctuation risks).
Withdrawal Currency: Foreign currency.
Taxation: Not taxable in India.
To open a Fixed Deposit Foreign Currency Account, a valid PAN card is required mandatorily (Incase you are an existing HDFC Bank customer and wish to update PAN instantly then click here).
If PAN is already updated in bank records then click here to login to Netbanking, navigate to NRI -> Save -> NRI Deposits -> Fixed Deposit Currency Account. Next, choose your preferred product and proceed with your investment.
Incase you do not hold any account with HDFC bank then click here to open NRE and NRO savings account today!