Features

• FCNR (B) deposits in USD.
• Higher returns with attractive interest rates.
• Flexible tenure options to choose upon from minimum 1 year to maximum 5 years.
• Principal amount and interest earned is fully repatriable.
• Enjoy the benefits of income tax exemption on FCNR deposits.
• Options for Auto Renewal on maturity.
• Account can be opened jointly with other NRIs/PIOs. Joint account option with resident close relatives on “Former or Survivor basis” only.

Terms & Conditions

• Opening of NRE Savings account is mandatory prior to FCNR (B) deposit account creation.
• For FCNR (B) FD booking request debiting NRE account, the amount will be converted into the foreign currency based on prevailing TT selling rates and thereafter booked as FCNR deposit.
• FCNR deposits can be opened only as fixed deposits and not as savings or recurring deposits.
• In case of FCNR (B) FD booking request through remittances, the request for FCNR (B) FD will be processed only if the remitter and the beneficiary’s name matches.
• Funding of FCNR account is not allowed from third-party accounts.
• The interest on FCNR deposits is compounded at intervals of 180 days each and thereafter for the remaining actual number of days.
• No interest will be paid if the FCNR Deposit is prematurely closed before completion of 1 year from the date of deposit.
• In case of premature closure of deposits completing 1 year tenure, penalty shall be applicable on the interest payable.
• The interest rate payable on premature closure of deposits after completion of 1 year will be the lowest of the rate of original /contracted tenure of the deposit OR Interest rate applicable at the time of account opening for the tenure for which deposit has been in force with the Bank after deducting penalty.
• Terms and conditions applicable to such deposits shall be as per the guidelines prescribed by Reserve Bank of India (RBI) from time to time.