Foreign Currency (Non Resident) (FCNR) accounts can be opened by non resident Indian and
persons of Indian origin.
The accounts can be opened as Term Deposits in the following currencies:
1. US DOLLAR (USD)
2. GREAT BRITAIN POUND (GBP)
3. EURO (EUR)
4. JAPANESE YEN (JPY)
5. CANADIAN DOLLAR (CAD)
6. AUSTRALIAN DOLLAR (AUD)
The period of deposit will be 1 year to 5 years. Interest will be paid on maturity, in the same
currency of the deposit. For deposits of tenure upto one year simple interest will be paid and for
deposits of tenure beyond one year the interest will be compounded at half yearly rests. The
maturity proceeds inclusive of interest is fully reptriable.
For current interest rate please click here
Minimum amount of deposit shall be:
USD 1000 EUR 1000 GBP 1000
CAD 1000 AUD 1000 JPY 100000
Premature closure is allowed. However the interest payable in such cases will be one percent
below the rate applicable for the period the deposit has run.
No interest is allowed on a deposit if closed prematurely before completion of one year.
Swap charges will be levied for premature closure of large deposits.
Loan against such deposits can be availed in Indian rupees upto 75% of the deposit amount and
accrued interest or Indian rupees 20,00,000 (whichever is lower) for
purposes other than investment.
click here to view FCNR Designated Branches