Latest FCNR(B) Fixed 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 without converting the funds into Indian Rupees.
FCNR (B) deposits are primarily available in RBI-designated currencies such as USD, GBP, EUR, JPY, CAD and AUD. Some banks also offer additional currencies such as SGD, CHF, HKD or others.
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. Interest rates are determined by individual banks based on global interest rate benchmarks and RBI guidelines, and there is no upper limit on investment.
FCNR Deposit Rates of 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 |
USD |
GBP |
EURO |
CAD |
AUD |
JPY |
| 1 year |
4.40% |
4.00% |
3.00% |
3.08% |
4.25% |
0.65% |
| Above 1 year to less than 2 years |
4.40% |
4.00% |
3.00% |
3.08% |
4.25% |
0.65% |
| 2 years to less than 3 years |
3.55% |
3.95% |
1.50% |
2.83% |
4.15% |
0.65% |
| 3 years to less than 4 years |
3.35% |
3.00% |
1.50% |
2.58% |
4.05% |
0.65% |
| 4 years to less than 5 years |
2.95% |
2.90% |
1.50% |
2.63% |
3.95% |
0.55% |
| 5 years |
3.05% |
2.80% |
1.50% |
2.68% |
3.85% |
0.55% |
*SBI FCNR Deposit Rates w.e.f 15 July, 2026
HDFC Bank FCNR Deposit Interest Rates
HDFC Bank offers FCNR deposit options with interest rates varying by currency and tenure:
| Period |
GBP |
USD |
EURO |
JPY |
AUD |
CAD |
SGD |
| 1 Year- less than 2 years |
3.40% |
3.50% |
2.30% |
0.90% |
3.50% |
2.30% |
1.15% |
| 2 years - less than 3 years |
3.25% |
3.25% |
1.90% |
N/A |
3.25% |
2.10% |
1.00% |
| 3 years to less than 4 years |
5.90% |
6.00% |
4.50% |
N/A |
6.25% |
4.50% |
3.40% |
| 4 years to less than 5 years |
5.90% |
6.00% |
4.55% |
N/A |
6.25% |
4.50% |
3.40% |
| 5 years only |
5.90% |
6.00% |
4.55% |
N/A |
6.25% |
4.50% |
3.40% |
*The above FCNR interest rates are applicable only to FCNR deposits booked between June 10, 2026, and September 30, 2026.
ICICI Bank FCNR Rates
ICICI Bank offers interest on FCNR deposits for NRIs, with rates varying by currency and tenure:
| Tenure |
USD < 5,000,000 |
USD ≥ 5,000,000 |
SGD |
GBP |
AUD |
CAD |
| 12 months to < 24 months |
3.85% |
3.85% |
1.25% |
4.10% |
4.35% |
2.35% |
| >= 24 months to < 36 months |
3.85% |
3.85% |
1.20% |
3.85% |
4.20% |
2.45% |
| >= 36 months to < 48 months |
6.00% |
6.00% |
3.40% |
5.90% |
6.25% |
4.50% |
| >= 48 months to < 60 months |
6.00% |
6.00% |
3.40% |
5.90% |
6.25% |
4.50% |
| 60 months |
6.00% |
6.25% |
3.40% |
5.90% |
6.25% |
4.50% |
ICICI FCNR Rates interest rates w.e.f July 29th, 2026
Axis Bank FCNR Rates
The FCNR rates at Axis Bank vary by currency and tenure, giving NRIs a flexible investment option:
| Maturity Period |
USD |
GBP |
EURO |
AUD |
CAD |
JPY |
| Below 1 million |
1 million and above |
| 1 year < 2 years |
4.00% |
4.00% |
4.10% |
1.65% |
3.75% |
2.30% |
0.01% |
| 2 years < 3 years |
3.50% |
3.50% |
3.65% |
0.01% |
3.60% |
2.20% |
0.01% |
| 3 years < 4 years |
6.00% |
6.00% |
5.90% |
4.50% |
6.25% |
4.50% |
0.01% |
| 4 years < 5 years |
6.00% |
6.00% |
5.90% |
4.55% |
6.25% |
4.50% |
0.01% |
| 5 years |
6.00% |
6.00% |
5.90% |
4.55% |
6.25% |
4.50% |
0.01% |
*Axis Bank FCNR Rates w.e.f. 29th July 2026
Bank of Baroda FCNR Rates
Bank of Baroda revised FCNR deposit interest rates for NRI customers:
| Maturity Period |
USD (< USD 0.2 Mio) |
USD (USD 0.2 Mio to 1 Mio) |
USD (> USD 1 Mio to 5 Mio) |
USD (> USD 5 Mio) |
GBP |
EUR |
AUD |
CAD |
| One Year and above but less than Two Years |
5.00% |
5.00% |
5.00% |
5.00% |
4.25% |
2.75% |
3.75% |
3.25% |
| Two Years and above but less than Three Years |
3.55% |
3.55% |
3.55% |
3.55% |
2.35% |
1.50% |
3.50% |
3.00% |
| Three Years and above but less than Four Years |
3.35% |
3.35% |
3.35% |
3.35% |
2.45% |
1.50% |
3.00% |
2.75% |
| Four Years and above but less than Five Years |
2.95% |
2.95% |
2.95% |
2.95% |
2.45% |
1.50% |
3.00% |
2.80% |
| 5 Years Only |
3.05% |
3.05% |
3.05% |
3.05% |
2.45% |
1.50% |
3.00% |
2.85% |
*Bank of Baroda FCNR Deposit Rates w.e.f 13 July, 2026.
IDFC FIRST Bank FCNR Rates
IDFC FIRST Bank provides FCNR deposits in various currencies with adjustable tenure and interest rates:
| Period |
USD |
GBP |
EUR |
AUD |
SGD |
| Up to 1 Million |
Above 1 Million |
| 1 Yr < 15 Months |
4.50% |
4.00% |
4.25% |
2.55% |
4.00% |
1.90% |
| 15 Months < 2 Yrs |
4.50% |
4.00% |
4.00% |
1.25% |
3.85% |
1.65% |
| 2 Yrs to < 3 Yrs |
4.25% |
4.00% |
NA |
NA |
NA |
NA |
| 3 Yrs to < 4 Yrs |
6.75% |
6.75% |
NA |
NA |
NA |
NA |
| 4 Yrs to < 5 Yrs |
6.75% |
6.75% |
NA |
NA |
NA |
NA |
| 5 Yrs only |
6.75% |
6.75% |
NA |
NA |
NA |
NA |
*IDFC First Bank FCNR Deposit Rates w.e.f 16th June, 2026
Canara Bank FCNR Rates
Canara Bank allows NRIs to earn interest on FCNR deposits, with rates varying by tenure and currency:
| PERIOD OF DEPOSIT |
USD <100000 |
USD>=100000 |
GBP |
EURO |
CAD |
AUD |
| 1 year to less than 2 years |
4.95% |
5.00% |
4.20% |
2.70% |
3.20% |
3.70% |
| 2 years to less than 3 years |
3.90% |
3.90% |
3.00% |
2.00% |
3.25% |
3.50% |
| 3 years to less than 4 years |
6.50% |
6.50% |
5.25% |
5.00% |
3.00% |
3.00% |
| 4 years to less than 5 years |
6.50% |
6.50% |
5.50% |
5.00% |
3.00% |
3.00% |
| 5 years |
6.50% |
6.50% |
5.50% |
5.00% |
3.00% |
3.00% |
*Canara Bank FCNR Rates w.e.f. 11th June 2026
Yes Bank FCNR Rates
Yes Bank offers attractive FCNR deposits for all those NRIs who want to invest in various currencies and tenures
| Period |
USD (< 1 Mn) |
GBP |
EURO |
JPY |
CAD |
AUD |
HKD |
SGD |
| 1 year to less than 2 years |
4.50% |
4.40% |
2.75% |
0.40% |
2.75% |
4.40% |
0.50% |
1.90% |
| 2 years to less than 3 years |
4.00% |
4.40% |
2.25% |
0.40% |
2.50% |
4.20% |
0.50% |
1.45% |
| 3 years to less than 4 years |
6.50% |
6.50% |
4.65% |
0.40% |
2.25% |
3.75% |
0.50% |
0.50% |
| 4 years to less than 5 years |
6.55% |
6.55% |
4.70% |
0.30% |
2.25% |
3.45% |
0.50% |
0.50% |
| 5 years only |
6.60% |
6.70% |
4.75% |
0.30% |
2.25% |
3.35% |
0.50% |
0.50% |
Yes Bank FCNR Rates effective from 8th July 2026
Kotak Mahindra Bank FCNR Rates
Kotak Mahindra Bank provides a range of FCNR deposit rates across various currencies and tenures for NRIs:
| FCNR (B) Deposit |
USD (< 0.5 mio) |
USD (>= 0.5 mio) |
GBP |
EURO |
AUD |
SGD |
| >=1 Year - Less than 2 Years |
4.40% |
4.00% |
3.95% |
2.40% |
4.50% |
1.25% |
| 2 Year - Less than 3 Years |
3.70% |
3.70% |
3.65% |
1.90% |
4.15% |
1.10% |
| 3 Year - Less than 4 Years |
6.00% |
6.15% |
3.45% |
1.90% |
3.85% |
No Quote |
| 4 Year - Less than 5 Years |
6.00% |
6.15% |
No Quote |
No Quote |
No Quote |
No Quote |
| 5 Year Only |
6.00% |
6.15% |
No Quote |
No Quote |
No Quote |
No Quote |
*Kotak Mahindra Bank FCNR(B) Deposit Interest Rates w.e.f 20 July, 2026
Federal Bank FCNR Rates
Federal Bank presents its FCNR deposit rates for various tenures and foreign currencies:
| Period |
USD |
GBP |
EUR |
JPY |
CAD |
AUD |
CHF |
NZD |
SGD |
HKD |
| 1 year to less than 2 years |
4.00% |
4.00% |
2.50% |
0.20% |
2.75% |
4.40% |
0.05% |
0.05% |
0.42% |
0.33% |
| 2 years to less than 3 years |
3.90% |
4.20% |
2.25% |
0.20% |
3.00% |
4.20% |
NA |
NA |
0.84% |
0.72% |
| 3 years to less than 4 years |
6.25%** |
6.15%** |
4.60%** |
0.20% |
2.50% |
6.50%** |
NA |
NA |
0.78% |
0.74% |
| 4 years to less than 5 years |
6.25%** |
6.15%** |
4.60%** |
0.10% |
2.50% |
6.50%** |
NA |
NA |
0.78% |
0.65% |
| 5 years only |
6.25%** |
6.15%** |
4.60%** |
0.10% |
2.25% |
6.50%** |
NA |
NA |
0.80% |
0.57% |
*Federal Bank FCNR Deposit Rates w.e.f 16 July, 2026
IndusInd Bank FCNR Rates
IndusInd Bank’s FCNR deposits come with varying interest rates depending on currency and tenure:
| Tenure |
USD <1M to USD 25M+ |
GBP < 1 Mio |
GBP 1 Mio & Above |
EUR |
JPY |
CAD |
AUD |
| 1yr < 2 yrs |
3.90% |
3.90% |
3.90% |
2.60% |
0.01% |
2.65% |
4.80% |
| 2 yrs< 3 yrs |
3.90% |
3.90% |
3.90% |
0.01% |
0.01% |
0.01% |
0.01% |
| 3 yrs< 4yrs |
6.60% |
6.25% |
6.50% |
0.01% |
0.01% |
0.01% |
0.01% |
| 4 yrs< 5 yrs |
6.65% |
6.30% |
6.55% |
0.01% |
0.01% |
0.01% |
0.01% |
| 5 yrs |
6.75% |
6.40% |
6.65% |
0.01% |
0.01% |
0.01% |
0.01% |
*IndusInd Bank FCNR Rates w.e.f 3rd July 2026.
South Indian Bank FCNR Rates
South Indian Bank provides FCNR deposit options with competitive interest rates for NRIs in major currencies:
| Maturity Period |
USD (Up to & incl. 5L) |
USD (Above 5L) |
GBP |
EUR |
AUD |
CHF |
JPY |
CAD |
| 1 year to less than 2 years |
4.00% |
4.00% |
4.00% |
3.00% |
4.20% |
0.05% |
0.20% |
3.50% |
| 2 years to less than 3 years |
4.00% |
4.00% |
3.75% |
2.00% |
3.50% |
0.00% |
0.20% |
3.50% |
| 3 years to less than 4 years |
6.50% |
7.00% |
2.45% |
1.00% |
3.00% |
0.00% |
0.05% |
3.15% |
| 4 years to less than 5 years |
6.50% |
7.00% |
2.45% |
1.00% |
3.20% |
NA |
0.05% |
3.20% |
| 5 years |
6.50% |
7.00% |
2.45% |
1.00% |
3.45% |
NA |
0.05% |
3.25% |
*South Indian Bank FCNR Deposit Rates w.e.f 25th June, 2026
Bank of Maharashtra FCNR Rates
Bank of Maharashtra offers a range of FCNR interest rates in multiple foreign currencies for different tenures:
| Period |
USD |
GBP |
EURO |
AUD |
CAD |
| 1 year to less than 2 years |
5.00% |
3.65% |
1.50% |
1.25% |
1.04% |
| 2 years to less than 3 years |
3.50% |
2.20% |
0.01% |
1.45% |
2.10% |
| 3 years to less than 4 years |
6.15%*# |
2.30% |
0.01% |
1.80% |
2.32% |
| 4 years to less than 5 years |
6.25%*# |
2.30% |
0.10% |
1.85% |
2.38% |
| 5 years only |
6.60%*# |
2.30% |
0.15% |
2.00% |
2.39% |
*Bank of Maharashtra FCNR Deposit Rates w.e.f 26th June, 2026.
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 |
> 1 Year < 2 Years |
2 Years < 3 Years |
3 Years < 4 Years |
4 Years < 5 Years |
5 Years |
| USD |
5.00% |
4.50% |
3.20% |
3.15% |
3.15% |
3.15% |
| GBP |
NA |
4.50% |
2.10% |
2.15% |
2.20% |
2.25% |
| EUR |
NA |
2.50% |
0.15% |
0.15% |
0.15% |
0.15% |
| JPY |
NA |
0.03% |
0.05% |
0.05% |
0.05% |
0.05% |
| CAD |
NA |
0.50% |
1.60% |
1.80% |
1.90% |
1.95% |
| AUD |
NA |
0.70% |
1.00% |
1.25% |
1.55% |
1.85% |
| CHF |
NA |
0.00% |
0.00% |
0.02% |
0.02% |
0.02% |
| NZD |
NA |
1.00% |
1.20% |
1.40% |
1.50% |
1.60% |
| SGD |
NA |
0.42% |
0.89% |
1.09% |
1.23% |
1.39% |
*Indian Overseas Bank FCNR Deposit Rates w.e.f 15th June, 2026
IDBI Bank FCNR Rates
IDBI Bank provides attractive FCNR deposit rates for NRIs across different tenures and major foreign currencies:
| Maturity Period |
USD (Up to USD 1 Mio) |
GBP |
EUR |
AUD |
CAD |
JPY* |
SGD |
HKD |
CHF |
| 1 year to less than 2 years |
4.55% |
4.00% |
2.65% |
3.55% |
2.85% |
0.40% |
1.85% |
0.50% |
N.A. |
| 2 years to less than 3 years |
3.70% |
3.15% |
1.95% |
2.55% |
2.25% |
N.A. |
1.20% |
0.50% |
N.A. |
| 3 years to less than 4 years |
3.25% |
2.55% |
1.70% |
2.05% |
1.90% |
N.A. |
0.90% |
0.50% |
N.A. |
| 4 years to less than 5 years |
3.15% |
2.50% |
1.50% |
1.95% |
1.75% |
N.A. |
0.45% |
0.50% |
N.A. |
| 5 years only |
3.15% |
2.50% |
1.50% |
1.80% |
1.75% |
N.A. |
0.45% |
0.50% |
N.A. |
*IDBI Bank FCNR Deposit Rates 1st July, 2026
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. 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: Eligible deposits with scheduled banks are covered under DICGC deposit insurance up to ₹5 lakh per depositor per bank, subject to applicable rules.
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 INR exchange rate fluctuations. |
Subject to INR exchange rate fluctuations. |
No INR exchange rate risk, since deposits are maintained in the designated foreign currency |
| 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.
- PIOs and OCIs: Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs), where permitted under current FEMA regulations.
- 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 generally be held jointly with another NRI. Resident close relatives may be permitted only under RBI guidelines (for example, on a former-or-survivor basis where allowed by the bank).
- 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 eligible FCNR (B) deposits with scheduled banks is exempt from income tax in India for non-residents and Resident but Not Ordinarily Resident (RNOR) individuals. The exemption is available under Section 11, read with Schedule IV, Serial Number 14, of the Income-tax Act, 2025 (earlier Section 10(15)(iv)(fa) of the Income-tax Act, 1961).
When the account holder becomes a resident in India, the FCNR (B) deposit may continue until maturity at the contracted interest rate, subject to RBI regulations. On maturity, the deposit must be redesignated or transferred to a Resident Rupee account or a Resident Foreign Currency (RFC) account, as applicable. Interest earned on the FCNR deposit remains exempt while the applicable exemption conditions continue to be satisfied. Tax may also be payable in the depositor's country of residence, depending on local tax laws and any applicable Double Taxation Avoidance Agreement (DTAA).
Key Takeaways
FCNR deposits offer NRIs tax-free interest in India, with rates up to 7.00% p.a. for 1 to 5-year tenures. The principal and interest are fully repatriable, helping protect foreign currency savings from rupee depreciation. These deposits provide flexible tenure options, though premature withdrawal may attract penalties as per bank rules.
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