BOI FCNR (B)
BOI FCNR (B) Deposits, also known as Foreign Currency Non-Resident (B) Deposits, are a type of fixed deposit account offered by the Bank of India specifically for Non-Resident Indians (NRIs). Unlike NRE accounts which are held in Indian Rupees, FCNR (B) deposits allow you to invest in a variety of foreign currencies like USD, EUR, GBP, etc. This protects your savings from fluctuations in the rupee's exchange rate.
Returns as high
as 7.1%*
Includes life cover
Completely Tax free+
as 7.1%*
Includes life cover
Completely Tax free+
Maximum returns Offered by
Guaranteed
Highest
7.1%*
Guaranteed Plan
(by insurance companies)
(10 Years)
6.5%**
Fixed Deposits
(by SBI bank)
(5-10 Years)
7.1%***
Public Provident Fund
(other popular options)
(15 Years)
Get Guaranteed returns up to 7.1%*
Fully Tax-Free* (unlike FD), Life Cover Included
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Rate Of Interest On BOI FCNR 'B' Deposits W.E.F. 01.10.2023
(Percentage Per Annum)
| Maturity | USD | GBP | EUR | JPY | CAD | AUD |
| 1 Yr To Less Than 2 Yrs | 5.35 | 5.00 | 2.50 | 0.55 | 0.99 | 3.60 |
| 2 Yrs To Less Than 3 Yrs | 4.00 | 2.50 | 0.21 | 0.55 | 2.05 | 1.42 |
| 3 Yrs To Less Than 4 Yrs | 3.35 | 2.55 | 0.36 | 0.54 | 2.27 | 1.78 |
| 4 Yrs To Less Than 5 Yrs | 3.25 | 2.60 | 0.46 | 0.55 | 2.33 | 2.05 |
| 5 Yrs (Maximum) | 3.15 | 2.60 | 0.52 | 0.56 | 2.34 | 2.17 |
Comparison Between
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
*For annual premium upto ₹5 Lacs
People also read: Bank Of India FD Interest Rates
Features of BOI FCNR 'B' Deposits
-
Freely Repatriable: Funds deposited in the account and the interest earned can be easily transferred back to your overseas account without any restrictions. This provides flexibility in managing your foreign currency holdings.
-
Multiple Currencies: You can deposit your funds in various major currencies, such as USD, GBP, EUR, JPY, AUD, and CAAD. This allows you to hedge against currency fluctuations and invest in the currency that best suits your needs.
-
Flexible Tenure: Deposit terms range from 12 months to 5 years, giving you the option to choose a timeframe that aligns with your financial goals.
-
Competitive Interest Rates: BOI offers competitive interest rates on FCNR (B) deposits. However, the specific rates are not fixed and may change based on market conditions. You can find the latest rates on the Bank of India website or by contacting them directly.
-
Tax Benefits: The interest earned on BOI FCNR (B) deposits is exempt from Indian Income Tax. This makes it an attractive option for NRIs seeking tax-efficient investment opportunities.
Who Can Open An Account Under BOI NRE Term Deposit Account?
-
Eligibility: NRIs (Non-Resident Indians)
-
Individuals/entities of Bangladesh or Pakistan nationality/ownership require prior approval from RBI.
-
Joint account: Permitted
People also read: FD Interest Rates
Premature Withdrawal Rules of BOI FCNR 'B' Deposits
-
You won't earn any interest if you take out your money early (within a year of depositing it).
-
If you withdraw your money early (after a year of depositing it), you'll be charged a 1% penalty on the entire amount you deposited for the entire time it was in the bank.
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*All savings are provided by the insurer as per the IRDAI approved
insurance plan. Standard T&C Apply
+ Trad plans with a premium above 5 lakhs would be taxed as per
applicable tax slabs post 31st march 2023
#Discount offered by insurance company
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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