BOI FCNR (B) Deposits Rates
The table below shows the current Bank of India FCNR rates of 2026:
| MATURITY |
USD |
GBP |
EUR |
JPY |
CAD |
AUD |
| 1 YR TO LESS THAN 2 YRS |
4.75 |
4.30 |
2.75 |
0.20 |
3.00 |
3.90 |
| 2 YRS TO LESS THAN 3 YRS |
3.85 |
2.50 |
1.50 |
0.20 |
2.50 |
3.50 |
| 3 YRS TO LESS THAN 4 YRS |
3.35 |
2.50 |
1.00 |
0.20 |
2.27 |
3.00 |
| 4 YRS TO LESS THAN 5 YRS |
3.35 |
2.50 |
0.75 |
0.20 |
2.27 |
3.00 |
| 5 YRS (Maximum) |
3.15 |
2.50 |
0.50 |
0.20 |
2.27 |
3.00 |
BOI FCNR (B) Interest Rate W.E.F.02.02.2026
People also read: Bank of India FD Interest Rates
Key Features of BOI FCNR Rates
Here are some pointers on interest rates under the BOI FCNR Account:
-
Peak Rates:
The highest returns are currently found in the 1-year to less than 2-year bracket, specifically for USD and GBP.
-
Compounding:
Interest is compounded every 180 days (half-yearly), which significantly boosts your effective yield over longer tenures.
-
Tax Efficiency:
Remember, these rates are 100% tax-free in India, meaning the 4.75% you earn on USD is your "net" take-home return.
-
Liquidity Advantage:
While these are fixed deposits, you can use these rates to secure a loan in India at just 1% to 2% above your deposit rate.
BOI FCNR Account: Premature Withdrawal Rules
Managing your BOI FCNR interest rates requires understanding the terms of early closure. While the account offers high liquidity, the following rules apply to premature withdrawals:
-
Under 12 Months:
If you withdraw your deposit before completing one full year, no interest is payable. You will only receive the principal amount back.
-
After 12 Months:
For withdrawals made after one year but before maturity, a penalty of 1% is levied. The interest is recalculated based on the rate applicable for the actual period the funds remained with the bank, minus the 1% penalty.
-
No Exchange Loss:
Even during premature withdrawal, your funds remain in the original foreign currency, ensuring you don't lose value due to rupee fluctuations.
People also read: FD Interest Rates
Wrapping Up
BOI FCNR rates offer rates as high as 4.75% p.a. in stable currencies like USD. Investors can bypass the risks of rupee depreciation while enjoying returns that often outperform local savings options in their country of residence. With the added advantage of 100% tax-exempt interest and the flexibility of loan facilities, these rates provide a sophisticated way to grow wealth. An FCNR Account allows NRIs to hold fixed deposits in foreign currencies.
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