FCNR (Foreign Currency Non-Resident) Fixed Deposit interest rates are the rates of return banks offer on Fixed Deposits held in foreign currencies by Non-Resident Indians (NRIs). These deposits allow NRIs to invest their foreign earnings in India without worrying about exchange rate fluctuations.
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Key Features
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Rates
FAQs
The interest rates for FCNR (Foreign Currency Non-Resident) fixed deposits vary depending on the currency and tenure. However, the following maybe noted in case of the interest rates on your FCNR Fixed Deposits:
- The interest rates are compounded every 180 days.
- No interest is paid if the deposit is prematurely withdrawn within one year of creation.
- Interest is calculated at the applicable rate for the period the deposit has run.
- Premature withdrawal penalty is nil.
Yes, you can initiate a transfer to your FCNR Account by sending money from your current Non-Resident External (NRE) Account. The transfer can be done through Internet Banking or by visiting a branch of your bank. The transfer process may involve adding a beneficiary and submitting forms with required documentation.
The interest earned on HDFC Bank FCNR Deposits is not taxable in India. So, you can enjoy the returns without worrying about tax implications.