FCNR Deposit

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The Foreign Currency Non-Resident (FCNR) Fixed Deposit offered by HDFC Bank allows NRIs to invest their foreign earnings in a fixed deposit account in India, denominated in foreign currencies. It provides attractive interest rates and ensures both principal and interest are fully repatriable. The deposits are available in major currencies like USD, GBP, EUR, and others, offering a secure and convenient way to grow foreign income with tax benefits.

Key Features

Eligibility

You qualify if you are a non-resident individual with Indian nationality or Indian origin. Joint accounts with other non-resident Indians (NRIs) are also allowed.

Eligibility

Features

  • Hold your deposit in one of six foreign currencies: US Dollars, Pounds Sterling, Euro, Japanese Yen, Australian Dollars, or Canadian Dollars
  • Fully repatriate both the principal and interest amounts
  • Benefit from tax exemption on the entire deposit
  • Open the deposit jointly with other NRIs
  • Access the Super Saver facility to get an overdraft on your NRO Savings/Current Account against your FCNR Fixed Deposit
  • Use the nomination facility.
  • Minimum initial deposit amounts: USD 1,000; GBP 2,500; Euro 2,500; JPY 750,000; AUD 1,000; CAD 1,000
  • Minimum additional deposit amounts: USD 1,000; GBP 1,000; Euro 1,000; JPY 750,000; AUD 1,000; CAD 1,000
  • Maintain the deposit for a term between 1 and 5 years

Important update:

Starting 1st July 2021, FCNR deposits in GBP, EURO, and JPY will be available only for a 1-year term. Existing FCNR Deposits in these currencies with terms from 1-year, 1-day, and 5-year up for auto-renewal will be renewed for a 1-year term by default.

Features

Depositing money to your account

For depositing money in your FCNR Fixed Deposit, you may:

  • Send funds from abroad in a freely convertible foreign currency
  • Submit foreign currency notes or traveller's cheques brought by you or your joint NRI account holder during a trip to India
  • Remit the amount directly to us using wire transfer or telegraphic transfer
  • Move funds from an existing FCNR Account to another bank

Interest rates are subject to periodic changes.

  • To view the most recent information, please clear your browser cache
  • The applicable interest rates will be those in effect on the date the Bank receives the funds
  • Rates are displayed on a per annum basis
  • For current FCNR Fixed Deposit rates, click here
Depositing money to your account

FAQs

A FCNR (Foreign Currency Non-Resident) Fixed Deposit is a Term Deposit Account for NRIs. It enables them to invest in foreign currencies like USD, GBP, or EUR. It offers tax-free interest, full repatriability of principal and interest and protection against foreign exchange rate fluctuations.

The advantages of an FCNR Fixed Deposit in India include tax-free interest earnings, full repatriability of both principal and interest, and protection against currency exchange rate fluctuations. These deposits are held in foreign currencies, offering NRIs a secure way to save. Additionally, they can be opened jointly with other NRIs, and the interest rates are often competitive, providing a stable and beneficial investment option.

You can open an FCNR Deposit with HDFC Bank for a minimum tenure of 1 year and a maximum of 5 years. No interest is paid if the FCNR Deposit is cancelled before 1 year, and there is no penalty for premature closure after 1 year.

More About FCNR Fixed Deposits

The FCNR Fixed Deposit Account with HDFC Bank offers the following features:

Hold your deposit in any of the following foreign currencies: US Dollars, Pounds Sterling, Euro, Japanese Yen, Australian Dollars, Canadian Dollars

For Wells Fargo’s Express Send, sign up with Wells Fargo Bank and follow their enrolment steps for the service.

Remitly offers a fast and secure transfer service. Register at: https://www.remitly.com/us/en/india to start sending money with delivery promises and tracking.

With TRANSFAST, enjoy instant Bank Deposits by registering at https://transfast.com and completing your transaction.

FCNR Fixed Deposits offer many benefits to global investors. Here are some of them:

Deposits held in foreign currencies minimize exchange rate risks

Principal and interest are fully repatriable in foreign currency

You get the opportunity to diversify savings across global currencies

To open an FCNR Fixed Deposit Account with HDFC Bank, you can:

Book an FCNR Deposit by giving written instructions and submitting an FCNR booking form to your branch.

Book a FCNR FD via NetBanking by following these steps: Accounts > Transact > Open FCNR FD > Fill in the required details > Confirm.