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FCNR Rates

FCNR stands for Foreign Currency Non-Repatriable deposit account under which the amount is held in foreign currency. All banks offer this facility to Non-Residential Indians at attractive interest rates. FCNR deposit accounts are popular among NRIs as they offer an attractive rate of interest. The deposited amount (principal and interest earned) is fully repatriable. There is no risk of currency exchange as the deposited amount earns interest in the foreign currency in which the deposit was made. Also, the interest earned on FCNR is exempt from income tax in India.

Top Banks Interest Rates on FCNR Accounts

Mentioned below is the list of banks and their FCNR interest rates:

Please note that Interest Rates are subject to change, without notice, as per the market trends and the bank’s decision in this regard is final.


Foreign Currency Non Resident (Bank) - FCNR (B) deposit rates (% p.a.) (Effective April 01, 2019)

1 yr to less than 2 yrs3.28%1.59%0.26%2.37%2.45%0.46%2.58%2.46%0.00%
2 yrs to less than 3yrs3.11%1.62%0.28%2.28%2.40%0.38%2.53%2.51%0.00%
3 yrs to less than 4 yrs3.03%1.68%0.36%2.27%2.40%0.31%2.50%2.55%0.00%
4 yrs to less than 5 yrs3.00%1.73%0.44%2.44%2.43%0.26%2.48%2.56%0.00%
5 years only3.01%1.78%0.53%2.50%2.48%0.24%2.48%2.60%0.00%

Source: IDBI official website

Currency1 year and above but less than 2 years2 years and above but less than 3 years3 years to less than 4 years4 years to less than 5 years5 years

Source: DCB Bank official website

South Indian Bank

FCNR (B) Deposit Interest rate per annum on FCNR (B) Deposits with effect from 01st April 2019.

1 yr to less than 2 yrs3.28%1.59%0.26%2.37%2.45%0.46%2.58%2.46%0.00%0.00%
2 yrs to less than 3yrs3.11%1.62%0.28%2.28%2.40%0.38%2.53%2.51%0.00%0.00%
3 yrs to less than 4 yrs3.03%1.68%0.36%2.27%2.40%0.31%2.50%2.55%0.00%0.00%
4 yrs to less than 5 yrs3.00%1.73%0.44%2.44%2.43%0.26%2.48%2.56%0.00%0.00%

Maturity period/CurrencyAUDCHFJPYCAD
1 Y to less than 2 Y2.67%0.41%1.05%3.27%
2 Y to less than 3 Y2.53%0.36%0.97%2.89%
3 Y to less than 4 Y2.52%0.42%0.96%2.85%
4 Y to less than 5 Y2.69%0.50%0.96%2.85%
5 Y2.75%0.58%0.97%2.88%

Source: South Indian Bank official website

Maharashtra Bank

PeriodRates for USDRates for GBPRates for EURORates for AUDRates for CAD
12-15-18-21 months3.
24-27-30-33 months2.861.220.30(22M)1.782.14
36-39-42-45 months2.781.260.381.772.10
48-51-54-57 months3.001.550.192.192.35
60 months3.011.590.292.252.38

Source: Maharashtra Bank official website

Tamilnad Mercantile Bank

Currency1y - <2y2y - <3y3y - <4y4y - <5y5 YEAR

Interest Rates on FCNR-B Deposits:

Above Interest Rates (% p.a.) applicable from Apr 01, 2019 to Apr 30, 2019. Source: Tamilnad Bank official website

Vijaya Bank

FCNR (B) / RFC Deposits Interest Rates offered for the period “Five Years Only” Interest rates on RFC – SB deposits w.e.f 04.03.2019 :

GBP0.73 %
USD2.49 %
EUR0.00 %

Interest Rates on RFC-Term deposits w.e.f 04.03.2019 are as under:

Period of RFC DepositGBPUSDEUR
1 Month to less than 3 Months0.732.490.00
3 Months to less than 6 Months0.852.62(15M)0.00
6 Months to less than 1 Year0.992.690.00
1 Year to less than 2 Years0.952.640.00
2 Years to less than 3 Years1.122.580.00

Interest Rates on FCNR (B) deposits w.e.f 04.03.2019 as under:

One year to less than two years1.453.390.322.332.89
2 years to less than three years1.623.330.362.282.66
3 years to less than four years1.703.280.452.282.67
4 years to less than five years1.763.250.562.472.69
5 years only1.813.270.662.542.71

Source: Vijaya Bank official website

FAQs on FCNR Rates

Are NRO funds repatriable?

No, an NRO account is non-repatriable, meaning its funds cannot be transferred back to the country of origin.

Can I deposit USD in NRO?

No, an NRO deposit can only be made in INR.

Is FCNR a good investment?

An FCNR is a type of an account, not an investment product. Through FCNR, you can make deposits in foreign currency and earn interest.

Is FCNR interest taxable in India?

No, the interest earned and the principal amount is exempt from income tax in India.

What is the maximum tenure for an FCNR deposit?

The maximum tenure for an FCNR deposit is 5 years.

What is the minimum tenure for NRE deposit?

The maximum tenure for an NRE deposit is 1 year.

Who can open an FCNR account?

Only NRIs can open an FCNR account.