What is an FCNR account?

An FCNR (Foreign Currency Non-Resident) account is a fixed deposit account held by Non-Resident Indians (NRIs) in foreign currency. It helps in earning interest without converting funds to Indian Rupees.

Who can open an FCNR account?

Only Non-Resident Indians (NRIs) or Persons of Indian Origin (PIO) can open an FCNR account.

What currencies are accepted in an FCNR account?

FCNR accounts can be held in major foreign currencies like USD, GBP, EUR, JPY, and AUD.

Is the interest earned on an FCNR account taxable in India?

No, the interest earned on an FCNR account is not taxable in India.

What is the minimum deposit amount for an FCNR account?

The minimum deposit amount varies by bank, but it typically starts from USD 1,000 or its equivalent in other foreign currencies.

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HDFC Bank FCNR Account

HDFC Bank FCNR Account is a fixed deposit option for NRIs to park their money in foreign currencies. It offers good interest rates, tax-free returns in India, and protects your savings from currency fluctuations. This Foreign Currency Non-Resident (FCNR) account allows you to choose from multiple foreign currencies for your deposit. This account is a safe and flexible way to grow your savings while earning in the currency of your choice.

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What is HDFC Bank FCNR Account?

An HDFC Bank FCNR (Foreign Currency Non-Resident) Account is a fixed deposit account for Non-Resident Indians (NRIs). It lets NRIs hold deposits in foreign currencies like USD, GBP, or EUR and earn interest on them. The interest is tax-free in India, and the money is protected from currency value changes. You can choose a deposit term from 1 to 5 years.

The HDFC FCNR account also makes it easy to transfer funds back to your home country. It is a safe and simple way for NRIs to manage their foreign currency savings.

Features of HDFC Bank FCNR Account

The key features of FCNR Account by HDFC Bank are listed below:

Currency Options: You can hold your deposit in any of the 6 foreign currencies: US Dollars (USD), Pounds Sterling (GBP), Euro, Japanese Yen (JPY), Australian Dollars (AUD), or Canadian Dollars (CAD).
Repatriation: The principal and interest amount can be fully repatriated.
Tax Exemption: Enjoy tax exemption on the entire deposit amount.
Joint Account: You can open the deposit jointly with other NRIs.
Super Saver Facility: The Super Saver facility allows you to get an overdraft on your NRO Savings or Current account against your FCNR Fixed Deposit.
Nomination Facility: The nomination facility is available for your deposit.
Minimum Initial Deposit: The minimum initial deposit required is USD 1,000, GBP 2,500, Euro 2,500, JPY 7,50,000, AUD 1,000, or CAD 1,000.
Minimum Add-on Deposit: The minimum add-on deposit required is USD 1,000, GBP 1,000, Euro 1,000, JPY 7,50,000, AUD 1,000, or CAD 1,000.
Deposit Tenure: The deposit must be maintained for a minimum of 1 year and a maximum of 5 years.

Important Update (Effective from 1st July 2021):

FCNR deposits in GBP, Euro, and JPY currencies will now only be offered for a 1-year tenure.
Existing FCNR deposits in these currencies with a tenure of 1 year 1 day to 5 years will be auto-renewed for 1 year by default.

HDFC Bank FCNR Account Interest Rates

Period	GBP	USD	EURO	JPY	AUD	CAD	Effective Date
1 Year to < 2 Years	4.45%	4.80%	4.80%	4.80%	4.80%	4.80%	December 21, 2024
2 Years to < 3 Years	N/A	4.15%	4.15%	4.15%	4.15%	4.15%	December 1, 2024
3 Years to < 4 Years	N/A	4.00%	4.00%	4.00%	4.00%	4.00%	December 1, 2024
4 Years to < 5 Years	N/A	3.70%	3.70%	3.70%	3.70%	3.70%	December 1, 2024
5 Years Only	N/A	3.70%	3.70%	3.70%	3.70%	3.70%	December 1, 2024

*These rates are effective as of December 2024.

Steps to Open an HDFC Bank FCNR Account

Follow the below-mentioned simple steps to open an HDFC Bank FCNR account for NRIs::

Step 1- Visit the Bank or Apply Online: You can open an HDFC Bank FCNR account at a branch or through HDFC's online banking portal for NRIs.

Step 2- Check Eligibility: Check if you fulfill the eligibility criteria and all the required documents are available with you to open a HDFC FCNR Bank Account.

Step 3- Select Currency: Choose from popular currencies like USD, GBP, EUR, JPY, etc.

Step 4- Fill Out Application: Complete the account opening form online or at the branch.

Step 5- Minimum Deposit: Make the initial deposit as per the currency you select (minimum deposit requirements vary).

Step 6- Complete KYC: Submit the KYC form and undergo the verification process.

Step 7- Get Account Details: Once processed, you will receive your account details and login credentials for online banking.

Eligibility Criteria to Apply for HDFC Bank FCNR Account

The following category of individuals can open HDFC Bank FCNR Account in India:

Non-Resident Indians (NRIs): Only individuals with NRI status can open an FCNR account.
Persons of Indian Origin (PIOs): PIOs holding valid proof of status are eligible.
Joint Accounts: Can be opened jointly with another NRI/PIO.

Documents Required to Apply for HDFC Bank FCNR Account

To open a Foreign Currency Non-Resident (FCNR) account with HDFC Bank, you need to submit the following documents:

Valid Passport or PAN Card
Visa/OCI/PIO Card
Overseas Address Proof:
Passport-sized Photos

Conclusion

HDFC Bank FCNR Account is a good choice for NRIs who want to keep their savings in foreign currency in India. It offers competitive interest rates, flexible tenure options, and tax benefits. The account also allows easy repatriation of funds, making it convenient for NRIs. Overall, it is a safe and reliable option for growing your money in India with low risk.

FAQs

What is an FCNR account?

An FCNR (Foreign Currency Non-Resident) account is a fixed deposit account held by Non-Resident Indians (NRIs) in foreign currency. It helps in earning interest without converting funds to Indian Rupees.
Who can open an FCNR account?

Only Non-Resident Indians (NRIs) or Persons of Indian Origin (PIO) can open an FCNR account.
What currencies are accepted in an FCNR account?

FCNR accounts can be held in major foreign currencies like USD, GBP, EUR, JPY, and AUD.
Is the interest earned on an FCNR account taxable in India?

No, the interest earned on an FCNR account is not taxable in India.
What is the minimum deposit amount for an FCNR account?

The minimum deposit amount varies by bank, but it typically starts from USD 1,000 or its equivalent in other foreign currencies.

˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. 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. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*Past 10 Year annualised returns as on 01-03-2025
*All savings plans are provided by the insurer as per the IRDAI approved insurance plan. Tax benefit is subject to changes in tax laws. Standard T&C Apply
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#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 2 Cr. is for a 30 year old healthy individual investing Rs 18,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: 1,06,79,507 @ CAGR 4%; 2,12,15,817 @ CAGR 8%. All plans listed here are of insurance companies’ funds. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
**Returns are based on past 10 years' fund performance data (Fund Data Source: Value Research).