What are FCNR Deposit Rates?
Foreign Currency Non-Resident (FCNR) deposits are term deposits offered by Indian banks to Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs). These accounts are introduced to help NRIs invest their overseas earnings in India while avoiding currency conversion into Indian rupees.
FCNR Deposits can be maintained in major currencies such as:
- US Dollars (USD),
- Euros (EUR),
- Canadian Dollars (CAD),
- Australian Dollars (AUD),
- British Pound Sterling (GBP),
- Japanese Yen (JPY),
- Danish Krone (DKK),
- Swiss Francs (CHF), and
- Swedish Krona (SEK)
Originally, the Reserve Bank of India launched FCNR (A) accounts in 1975, which guaranteed the exchange rate at the time of deposit, ensuring that depositors were protected from currency depreciation. FCNR (B) accounts were introduced in 1993 to replace FCNR (A), removing the exchange rate guarantee but continuing term deposits in foreign currencies with tax-free interest in India. All FCNR deposits are now maintained as FCNR (B) accounts.
Since the funds remain in foreign currency, they are protected from rupee depreciation. The minimum tenure for an FCNR deposit is 1 year, and the FD interest rates vary by bank, currency, and term. These rates are frequently linked to global benchmark rates, and there is no upper limit on investment.
FCNR Deposit Rates of Top Leading Banks in India
FCNR FD rates offer NRIs an opportunity to earn interest on deposits in foreign currencies while avoiding currency conversion risks. Here’s a look at the FCNR deposit rates of the top leading banks in India:
State Bank of India FCNR Fixed Deposit Rates
State Bank of India offers competitive FCNR FD rates for NRIs in multiple foreign currencies:
| Currency |
1 year (% p.a.) |
Above 1 year to less than 2 years (% p.a.) |
2 years to less than 3 years (% p.a.) |
3 years to less than 4 years (% p.a.) |
4 years to less than 5 years (% p.a.) |
5 years (% p.a.) |
| USD |
4.80 |
4.80 |
3.95 |
3.75 |
3.35 |
3.45 |
| GBP |
4.25 |
4.25 |
4.20 |
3.25 |
3.15 |
3.05 |
| EURO |
2.75 |
2.75 |
1.25 |
1.25 |
1.25 |
1.25 |
| CAD |
3.25 |
3.25 |
3.00 |
2.75 |
2.80 |
2.85 |
| AUD |
3.75 |
3.75 |
3.65 |
3.55 |
3.45 |
3.35 |
| JPY |
0.40 |
0.40 |
0.40 |
0.40 |
0.30 |
0.30 |
*SBI FCNR Deposit Rates w.e.f 15.10.2025.
HDFC Bank FCNR Deposit Interest Rates
HDFC Bank offers FCNR deposit options with interest rates varying by currency and tenure:
| Currency |
1 year to less than 2 years(% p.a.) |
2 years to less than 3 years(% p.a.) |
3 years to less than 4 years(% p.a.) |
4 years to less than 5 years(% p.a.) |
5 years(% p.a.) |
| GBP |
3.60 |
NA |
NA |
NA |
NA |
| USD |
3.60 |
3.30 |
3.20 |
2.80 |
2.60 |
| EURO |
1.90 |
NA |
NA |
NA |
NA |
| JPY |
0.25 |
NA |
NA |
NA |
NA |
| AUD |
3.90 |
3.80 |
3.75 |
3.65 |
3.45 |
| CAD |
2.20 |
2.05 |
2.00 |
1.85 |
1.65 |
| SGD |
1.50 |
NA |
NA |
NA |
NA |
*HDFC Bank FCNR Deposit Rates w.e.f 1.12.2025.
ICICI Bank FCNR Rates
ICICI Bank allows NRIs to earn interest on FCNR deposits, with rates depending on currency and tenure:
| Currency |
1 year to less than 2 years(% p.a.) |
2 years or more to less than 3 years (% p.a.) |
3 years or more to less than 4 years (% p.a.) |
4 years or more to less than 5 years (% p.a.) |
5 years(% p.a.) |
| USD |
4.00 |
3.50 |
3.25 |
3.25 |
3.25 |
| SGD |
1.60 |
1.55 |
NA |
NA |
NA |
| GBP |
4.25 |
3.80 |
NA |
NA |
NA |
| AUD |
3.75 |
3.60 |
NA |
NA |
NA |
| CAD |
2.65 |
2.50 |
NA |
NA |
NA |
*ICICI Bank FCNR Deposit Rates w.e.f 12.12.2025.
Axis Bank FCNR Rates
The FCNR rates at Axis Bank vary by currency and tenure, giving NRIs a flexible investment option:
| Currency |
1 year less than 2 years(% p.a.) |
2 years less than 3 years(% p.a.) |
3 years less than 4 years(% p.a.) |
4 years less than 5 years(% p.a.) |
5 years(% p.a.) |
| USD |
4.00 |
3.50 |
3.25 |
3.25 |
3.25 |
| GBP |
4.25 |
3.80 |
0.01 |
0.01 |
0.01 |
| EURO |
1.65 |
0.01 |
0.01 |
0.01 |
0.01 |
| AUD |
3.75 |
3.60 |
3.15 |
3.15 |
2.95 |
| CAD |
2.65 |
2.50 |
2.25 |
2.15 |
1.95 |
| JPY |
0.01 |
0.01 |
0.01 |
0.01 |
0.01 |
*Axis Bank FCNR Deposit Rates w.e.f 10.12.2025.
Bank of Baroda FCNR Rates
Bank of Baroda presents the latest interest rates on FCNR deposits for NRI customers:
| Currency |
1 Year and above but less than 2 Years (% p.a.) |
2 Years and above but less than 3 Years (% p.a.) |
3 Years and above but less than 4 Years (% p.a.) |
4 Years and above but less than 5 Years (% p.a.) |
5 Years(% p.a.) |
| USD (less than 0.2 million) |
5.35 |
3.95 |
3.80 |
3.85 |
3.90 |
| USD
(0.2 million to 1 million)
|
5.40 |
3.95 |
3.80 |
3.85 |
3.90 |
| USD (above1 million) |
5.45 |
3.95 |
3.80 |
3.85 |
3.90 |
| GBP |
4.75 |
2.35 |
2.45 |
2.45 |
2.45 |
| EURO |
1.50 |
1.50 |
1.50 |
1.50 |
1.50 |
| AUD |
3.60 |
3.50 |
3.00 |
3.00 |
3.00 |
| CAD |
4.00 |
4.10 |
3.85 |
3.90 |
3.95 |
*Bank of Baroda FCNR Deposit Rates w.e.f 16.10.2025.
IDFC FIRST Bank FCNR Rates
IDFC FIRST Bank offers FCNR deposits with flexible tenures and interest rates in multiple currencies:
| Currency |
1 Yrs to less than 15 Months (% p.a.) |
15 Months to less than 2 Yrs (% p.a.) |
2 Yrs to less than 3 Yrs (% p.a.) |
3 Yrs to less than 4 Yrs (% p.a.) |
4 Yrs to less than 5 Yrs (% p.a.) |
5 Yrs(% p.a.) |
| USD |
4.50 |
4.50 |
4.25 |
4.25 |
4.25 |
4.25 |
| GBP |
4.25 |
4.00 |
N.A |
N.A |
N.A |
N.A |
| EURO |
2.55 |
1.25 |
N.A |
N.A |
N.A |
N.A |
| AUD |
4.00 |
3.85 |
N.A |
N.A |
N.A |
N.A |
| SGD |
1.90 |
1.65 |
N.A |
N.A |
N.A |
N.A |
*IDFC First Bank FCNR Deposit Rates w.e.f 25.9.2025.
Canara Bank FCNR Rates
Canara Bank allows NRIs to earn interest on FCNR deposits, with rates varying by tenure and currency:
| Currency |
1 year to less than 2 years(% p.a.) |
2 years to less than 3 years (% p.a.) |
3 years to less than 4 years (% p.a.) |
4 years to less than 5 years (% p.a.) |
5 years(% p.a.) |
| USD (less than 0.1 million) |
5.30 |
4.00 |
3.70 |
3.50 |
3.50 |
| USD (0.1 million and above) |
5.40 |
4.00 |
3.70 |
3.50 |
3.50 |
| GBP |
4.50 |
3.00 |
2.50 |
2.50 |
2.50 |
| EURO |
3.00 |
2.00 |
1.50 |
1.50 |
1.50 |
| CAD |
3.50 |
3.25 |
3.00 |
3.00 |
3.00 |
| AUD |
4.00 |
3.50 |
3.00 |
3.00 |
3.00 |
*Canara Bank FCNR Deposit Rates w.e.f 10.9.2025.
Yes Bank FCNR Rates
Yes Bank provides NRIs with competitive FCNR deposit options across multiple currencies and investment periods:
| Currency |
1 Year to less than 2 Years(% p.a.) |
2 Years to less than 3 Years (% p.a.) |
3 Years to less than 4 Years (% p.a.) |
4 Years to less than 5 Years (% p.a.) |
5 Years (% p.a.) |
| USD (less than 1 million) |
4.85 |
4.25 |
4.25 |
4.25 |
4.20 |
| GBP |
4.50 |
4.45 |
3.65 |
3.50 |
3.30 |
| EURO |
2.80 |
2.65 |
2.00 |
1.75 |
1.70 |
| JPY |
0.40 |
0.40 |
0.40 |
0.30 |
0.30 |
| CAD |
3.50 |
3.20 |
2.95 |
3.00 |
3.05 |
| AUD |
4.40 |
4.20 |
4.00 |
3.70 |
3.60 |
| HKD |
0.50 |
0.50 |
0.50 |
0.50 |
0.50 |
| SGD |
1.90 |
1.65 |
0.75 |
0.75 |
0.75 |
*Yes Bank FCNR Deposit Rates w.e.f 3.11.2025.
Kotak Mahindra Bank FCNR Rates
Kotak Mahindra Bank provides a range of FCNR deposit rates across various currencies and tenures for NRIs:
| Currency |
1 Year - Less than 2 Years(% p.a.) |
2 Years - Less than 3 Years(% p.a.) |
3 Years - Less than 4 Years (% p.a.) |
4 Years - Less than 5 Years(% p.a.) |
5 Years (% p.a.) |
| USD (less than 0.5 million) |
4.10 |
3.60 |
3.40 |
3.30 |
3.30 |
| USD ( 0.5 million and above) |
4.10 |
3.60 |
3.40 |
3.30 |
3.30 |
| GBP |
4.20 |
3.75 |
3.25 |
No Quote |
No Quote |
| EURO |
2.50 |
1.25 |
1.25 |
No Quote |
No Quote |
| AUD |
3.90 |
3.80 |
3.75 |
No Quote |
No Quote |
| SGD |
1.60 |
1.55 |
No Quote |
No Quote |
No Quote |
*Kotak Mahindra Bank FCNR Deposit Rates w.e.f 5.12.2025.
Federal Bank FCNR Rates
Federal Bank presents its FCNR deposit rates for various tenures and foreign currencies:
| Currency |
1 year to less than 2 years(% p.a.) |
2 years to less than 3 years(% p.a.) |
3 years to less than 4 years(% p.a.) |
4 years to less than 5 years(% p.a.) |
5 years(% p.a.) |
| USD |
4.75 |
4.25 |
4.00 |
3.75 |
3.90 |
| GBP |
4.50 |
4.25 |
4.00 |
3.50 |
3.00 |
| EURO |
2.50 |
2.25 |
2.00 |
1.75 |
1.70 |
*Federal Bank FCNR Deposit Rates w.e.f 7.10.2025.
IndusInd Bank FCNR Rates
IndusInd Bank’s FCNR deposits come with varying interest rates depending on currency and tenure:
| Currency |
1 year to less than 2 years (% p.a.) |
2 years to less than 3 years (% p.a.) |
3 years to less than 4 years (% p.a.) |
4 years to less than 5 years (% p.a.) |
5 years (% p.a.) |
| USD (up to 1 million) |
4.75 |
4.60 |
4.20 |
4.20 |
4.20 |
| USD (1 million to 10 million) |
4.85 |
4.60 |
4.20 |
4.20 |
4.20 |
| USD (10 million to 25 million) |
4.85 |
4.60 |
4.20 |
4.20 |
4.20 |
| USD (25 million and above) |
4.85 |
4.60 |
4.20 |
4.20 |
4.20 |
| GBP |
4.90 |
4.70 |
4.35 |
4.35 |
4.30 |
| EURO |
3.10 |
3.00 |
2.75 |
2.75 |
2.80 |
| JPY |
N.A |
1.00 |
N.A |
N.A |
1.00 |
| CAD |
3.25 |
3.25 |
3.05 |
3.10 |
3.20 |
| AUD |
4.70 |
4.45 |
4.15 |
4.20 |
4.35 |
*South Indian Bank FCNR Deposit Rates w.e.f 19.11.2025.
South Indian Bank FCNR Rates
South Indian Bank provides FCNR deposit options with competitive interest rates for NRIs in major currencies:
| Currency |
1 yr to less than 2 yrs
(% p.a.) |
2 yrs to less than 3 yrs(% p.a.) |
3 yrs to less than 4 yrs (% p.a.) |
4 yrs to less than 5 yrs (% p.a.) |
5 years(% p.a.) |
| USD (Upto 0.5 million) |
5.10 |
4.25 |
4.00 |
3.75 |
3.90 |
| USD (above 0.5 million) |
4.50 |
4.25 |
4.00 |
3.75 |
3.90 |
| GBP |
4.00 |
3.75 |
2.45 |
2.45 |
2.45 |
| EURO |
3.00 |
2.00 |
1.00 |
1.00 |
1.00 |
| AUD |
4.20 |
3.50 |
3.00 |
3.20 |
3.45 |
| CHF |
0.05 |
0.00 |
0.00 |
NA |
NA |
| JPY |
0.20 |
0.20 |
0.05 |
0.05 |
0.05 |
| CAD |
3.50 |
3.50 |
3.15 |
3.20 |
3.25 |
*South Indian Bank FCNR Deposit Rates w.e.f 12.12.2025.
Bank of Maharashtra FCNR Rates
Bank of Maharashtra offers a range of FCNR interest rates in multiple foreign currencies for different tenures:
| Currency |
1 year to less than 2 years (% p.a.) |
2 years to less than 3 years (% p.a.) |
3 years to less than 4 years (% p.a.) |
4 years to less than 5 years (% p.a.) |
5 year(% p.a.)s |
| USD |
5.20 |
3.10 |
3.10 |
3.00 |
3.00 |
| GBP |
3.65 |
2.20 |
2.30 |
2.30 |
2.30 |
| EURO |
1.50 |
0.01 |
0.01 |
0.10 |
0.15 |
| AUD |
1.25 |
1.45 |
1.80 |
1.85 |
2.00 |
| CAD |
1.04 |
2.10 |
2.32 |
2.38 |
2.39 |
*Bank of Maharashtra FCNR Deposit Rates w.e.f 18.11.2024.
Indian Overseas Bank FCNR Rates
For NRIs, Indian Overseas Bank provides attractive FCNR deposit rates across various tenures and major foreign currencies:
| Currency |
1 Year to less than 2 Years(% p.a.) |
2 Years to less than 3 Years(% p.a.) |
3 Years to less than 4 Years(% p.a.) |
4 Years to less than 5 Years(% p.a.) |
5 Years(% p.a.) |
| GBP |
4.75 |
2.10 |
2.15 |
2.20 |
2.25 |
| EUR |
2.50 |
0.15 |
0.15 |
0.15 |
0.15 |
| JPY |
0.03 |
0.05 |
0.05 |
0.05 |
0.05 |
| CAD |
0.50 |
1.60 |
1.80 |
1.90 |
1.95 |
| AUD |
0.70 |
1.00 |
1.25 |
1.55 |
1.85 |
| CHF |
0.00 |
0.00 |
0.02 |
0.02 |
0.02 |
| NZD |
1.00 |
1.20 |
1.40 |
1.50 |
1.60 |
| SGD |
0.42 |
0.89 |
1.09 |
1.23 |
1.39 |
*Indian Overseas Bank FCNR Deposit Rates w.e.f 24.11.2025.
IDBI Bank FCNR Rates
IDBI Bank provides attractive FCNR deposit rates for NRIs across different tenures and major foreign currencies:
| Currency |
1 yr to less than 2 yrs(% p.a.) |
2 yrs to less than 3 yrs(% p.a.) |
3 yrs to less than 4 yrs(% p.a.) |
4 yrs to less than 5 yrs(% p.a.) |
5 years (% p.a.) |
| USD (up to 1 million) |
4.75 |
3.90 |
3.55 |
3.35 |
3.35 |
| GBP |
4.25 |
3.60 |
3.20 |
3.00 |
3.00 |
| EUR |
2.65 |
2.20 |
1.95 |
1.75 |
1.75 |
| AUD |
3.75 |
3.00 |
2.60 |
2.40 |
2.25 |
| CAD |
2.90 |
2.30 |
1.90 |
1.75 |
1.75 |
| JPY |
0.40 |
N.A |
N.A |
N.A |
N.A |
| SGD |
2.10 |
1.60 |
1.00 |
0.45 |
0.45 |
| HKD |
0.50 |
0.50 |
0.50 |
0.50 |
0.50 |
*IDBI Bank FCNR Deposit Rates w.e.f 12.1.2025.
Key Features of FCNR Deposits
FCNR Deposits offer NRIs a secure way to hold their funds in foreign currency while earning assured returns. The features below explain how these deposits work and the specific benefits they provide:
- Term Deposit Nature: FCNR accounts function only as term deposits. They cannot be opened as savings accounts. Funds can be transferred from an existing NRE account to open the deposit, and the amount remains locked for a fixed period.
- Protection from Exchange Rate Risk: The deposit value is preserved in the same foreign currency in which it is maintained. Since no conversion to INR is involved, the account holder is shielded from exchange rate fluctuations and rupee depreciation.
- Full Repatriation of Funds: The full principal and accrued interest are repatriable, so depositors can move their entire deposit to their country of residence without restrictions.
- Premature Withdrawal Facility: Banks permit premature withdrawal of FCNR Deposits, but no interest is paid if closed before one year. For withdrawals after one year, interest is provided for the actual tenure, subject to a penalty, typically of around 0.50% to 1.50%.
- Loan and Overdraft Against Deposit: FCNR Deposits can be used as collateral for loans. Banks may offer rupee loans, foreign currency loans, or overdraft facilities against the deposit, depending on their internal policies.
- Convenient Account Access: Banks provide 24×7 account access through online and mobile banking. Many banks also offer auto-renewal facilities to ensure the deposit continues without manual renewal at maturity.
- High Safety With Deposit Insurance: The Indian banking system backs FCNR Deposits. Typically, DICGC offers cover of up to ₹5 lakh per depositor per bank, giving added financial safety to NRI depositors.
Difference Between NRE, NRO, and FCNR (B) Accounts
NRIs can choose from several account types in India, each serving a specific purpose. Knowing the differences between NRE, NRO, and FCNR (B) accounts helps investors pick the most practical option:
| Feature |
NRE Account |
NRO Account |
FCNR (B) Account |
| Purpose |
Holds income earned abroad, maintained in Indian Rupees (INR). |
Holds income earned in India, such as rent, dividends, or interest, in INR. |
A fixed deposit product for NRIs using funds drawn from NRE or NRO accounts, stored in foreign currencies approved by the RBI. |
| Account Type |
Can be a Savings, Current, or Recurring account. |
Can be a Savings, Current, or Recurring account. |
Fixed Deposit account with a minimum tenure of 1 year. |
| Currency |
Maintained in Indian Rupees (INR). |
Maintained in Indian Rupees (INR). |
Maintained in major foreign currencies such as USD, GBP, EUR, AUD, CAD, JPY, CHF, HKD, SGD. |
| Joint Holding |
Can be held jointly with other NRIs only. |
Can be held jointly with NRIs or resident Indians. |
Can be held jointly with other NRIs. |
| Tenure |
Fixed deposits typically last 1–3 years; they can be extended for asset-liability management. |
As per regular resident account rules. |
1–5 years. |
| Repatriation |
The entire balance can be fully repatriated abroad. |
Only interest is fully repatriable; principal may be restricted. |
Both principal and interest are fully repatriable. |
| Exchange Rate Risk |
Subject to fluctuations in exchange rates. |
Not subject to exchange rate fluctuations. |
Subject to fluctuations in exchange rates. |
| Taxation |
Interest earned is fully tax-free in India under Section 10(15)(iv)(fa). |
Interest earned is fully taxable in India as per Income Tax provisions. |
Interest earned is fully tax-free in India for NRIs and RNORs under Section 10(15)(iv)(fa). |
Eligibility Criteria for FCNR Deposits
FCNR Deposits are designed specifically for non-resident Indians and persons of Indian origin. The following investors are eligible to open an FCNR deposit account:
- Non-Resident Indians (NRIs): Indian citizens residing abroad.
- Persons of Indian Origin (PIOs): Persons of Indian ancestry, including Overseas Indians.
- Overseas Citizens of India (OCIs): Holders of OCI cards.
- Seafarers: Employed on foreign vessels and of Indian origin.
Note: Certain restrictions may apply to residents of Pakistan or Bangladesh.
Documents Required for FCNR Deposits
To open an FCNR deposit, you must submit:
- Valid passport or proof of OCI/PIO status.
- Proof of overseas address.
- PAN card or Form 60.
- Recent passport-size photographs.
This supports compliance with RBI and bank regulations and enables smooth account setup for eligible customers.
Factors to Consider Before Opening an FCNR Deposit Account
Before opening an FCNR deposit account, it is essential to understand certain aspects that affect eligibility, operations, and management of funds:
- Minimum Deposit: Banks need a minimum deposit for opening an FCNR account. This changes depending on the bank and currency, so confirm current requirements.
- Joint Accounts: Accounts can be jointly held with another NRI or a resident Indian. Resident joint holders operate on a former-survivor basis. Both holders may need to visit a branch to set up the account.
- Power of Attorney (POA): A POA empowers a family member in India to carry out transactions. It can be set up at the branch with a completed form.
- Nominee: A nominee ensures the funds are shifted properly without any delay if the depositor dies. Customers can add nominees using online banking options or by completing the request at a branch.
- Account Documents and Rules: Check all documents, including POA, nomination forms, and account terms, before opening an FCNR deposit to ensure compliance and support smooth account management.
Tax Implications on FCNR Deposits
Interest earned on FCNR deposits is fully exempt from income tax in India for NRIs. This exemption also applies to those holding Resident and Not Ordinarily Resident (RNOR) status. The tax benefit is provided under Section 10(15)(iv)(fa) of the Income Tax Act, 1961. This exemption continues for the entire tenure of the deposit until maturity, even if the depositor attains RNOR status.
Upon maturity or early conversion, Foreign Exchange Management Act (FEMA) regulations require deposits to be transferred to a Resident Rupee or RFC account, but the interest remains tax-free until that point. It is important to note that taxation may apply in the country of residence, depending on local laws.
Key Takeaways
Interest gained through FCNR (Foreign Currency Non-Resident) deposits remains completely free from income tax in India for Non-Resident Indians (NRIs). Most banks offer rates up to 5.45% p.a. for usual tenures of 1 to 5 years. Interest earned is tax-free in India and fully repatriable along with the principal. Customers have flexible tenure choices, and these deposits provide stability, safeguarding funds from market movements. Premature withdrawal is permitted, though customers might incur penalties. Overall, FCNR deposits remain a secure and practical method for NRIs to increase their savings.
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