Your overseas earnings remain fully repatriable in an FCNR (B) Deposit account with us. A popular scheme among our NRI patrons, you too will find good reasons to invest in this deposit account with us. Just some highlights of the scheme for your consideration
The principal amount and interest earned are fully repatriable.
The Deposit is exempted from Indian Wealth tax. Interest is exempted from Indian Income tax.
No loss on account of Exchange rate fluctuation
Place your deposit in any of the Ten international currencies USD, GBP, EUR, JPY, AUD,SEK, CHF,SGD,HKD & CAD.
For deposit at any of our authorized branches in India, please remit money to our Treasury Branch Mumbai accounts with full details.
- Remit in any of the Ten Currency
You can remit in any of the ten convertible currencies. We shall convert it in any of the above Ten currencies of your choice.
During your visit to India you may also tender foreign currency notes/travelers cheques to our branches.
There is no upper ceiling; you can put any amount in these deposits. The minimum amount for each currency is:
USD 2,000 or its equivalent in any of the hard currencies.
We pay attractive interest. Please check our latest interest rates
- Large Number of Branches to choose from
Please check the list of our branches spread across India accepting FCNR (B) Deposits.
- Choose the Term of Deposit
From a minimum period of 12 months to a maximum period of 60 months, you have the choice of keeping the deposit with us. We also allow you the flexibility of closing your Fixed Deposit account before the due date but the interest rate payable will be subject to a penalty of 1%. Your deposit should have run for a minimum period of one year to be eligible for interest.
Your deposits are automatically renewed on maturity for the same tenure in case no other instructions are received before due date.
You can open a joint account with us with other Non-Resident Indian(s) or with resident close relatives on 'Former or Survivor' basis.
P/A to Residents permitted for local disbursements or remittance to the account holder himself/herself through normal banking channel.
You can register nomination for this Account in favour of resident or nonresident.
- Loans available against FCNR deposits
We offer Foreign Currency Loans in the currency of Deposit against security of your FCNR (B) Deposits in our authorized branches in India subject to rules. Our overseas branches also offer foreign currency loans against these deposits, subject to rules, if any, applicable in that country.