Foreign Currency Non-Resident FCNR (B) Deposit
Save in Foreign Currency. Earn Tax-Free Returns without Forex Risk!
Foreign Currency Non-Resident FCNR (B) Deposit
Save in Foreign Currency. Earn Tax-Free Returns without Forex Risk!
Overview
Equitas Foreign Currency Non-Resident Deposit is an attractive investment option for Non-Resident Indians (NRI) and Persons of Indian Origin (PIO). The FCNR (B) deposit enables you to save your overseas earnings in foreign currencies without converting to Indian Rupees (INR). Since the account will hold money in foreign currency, the risk of foreign exchange rate fluctuation is eliminated.
Features
Tax Implications- Interest earned on the FCNR (B) Deposits is tax-free in India
Currency: You can hold your deposits in multiple foreign currencies. Now available only in US Dollars
Rate Slab for FCNR (B) w. e. f. 3rd April 2025
Tenure
< 100K USD
>= 100K USD
12 month to <= 18 months
6.20% p.a.
6.25% p.a.
18 months to <= 36 Months
5.25% p.a.
5.30% p.a.
Minimum period of the FCNR (B) Fixed Deposit is 1 year. No Interest would be paid if the deposit is pre-closed before the completion of the first 12 months.
The rate of interest applicable, in case of premature withdrawal of FCNR (B), penalty of 1% or swap cost, whichever is higher, shall be deducted from the contracted rate of interest or the rate of interest applicable for the completed anniversary of the FCNR(B) deposit whichever lower, prevailing at the time of placing of the deposit.
No Senior Citizen Special Rates available for FCNR (B), NRE and NRO FDs
Interest rates are subject to change and please refer for updated rates in the Bank’s Website.
To know more, give a missed call at +91 9971932222
1. For NRI (Non-Resident Indian)
2. For PIO (Person of Indian Origin)
| Document Considered for Communication Address Proof | Overseas | Indian |
|---|---|---|
| Copy of Passport | Yes | Yes |
| Copy of Bank statement / passbook duly signed by (no internet downloads, not more than 3 months old) Overseas or India based bank. If mailing address and bank a/c statement provided is of a Bank based in India, the statement should be of a NRI a/c or NR status should be certified by the bank on the statement. (Original Bank Statement required in case of Self-attestation) (The bank statement should be for a month or more and should not be more than 3 months old) | Yes | NA |
| Copy of Driving License(except driving license issued by the Govt of Maharashtra) | Yes | Yes |
| Employer’s Certificate indicating the address (Authorized Signatory, specifying the purpose of letter issuance as Account Opening on Company’s Letter Head) (Accepted only from certain countries) | Yes | NA |
| Copy of Credit card statement (not more than 3 months old) (Original in case of Self-attestation) | Yes | NA |
| Copy of Company ID card indicating the address | Yes | NA |
| Cert. from Indian Diplomatic mission stating the contact address | Yes | NA |
| Copy of Govt. ID card (SSN / Green Card / PIO card / OCI card) | Yes | NA |
| Copy of appointment letter indicating the address (on letterhead OR stamp) | Yes | NA |
| Copy of Utility bill (electricity/ piped gas/ Landline telephone / water / Mobile / Broadband /– not more than 3 months old) (Original in case of Self attestation) | Yes | NA |
| Copy of letter from University stating the address(for on-campus lodging) | Yes | NA |
| Copy of CDC issued by Govt. of India | NA | NA |
| Copy of Foreign Government card | Yes | NA |
| Copy of Permanent Singapore card** / Malaysian card | Yes | NA |
| Copy of Operator License (USA) | Yes | NA |
| Copy of Voter’s Identity (Election) Card | NA | Yes |
| Copy of Tenancy Contact Registration Certificate issued by regulated body (UAE) | Yes | NA |
| Copy of Wealth / Income Order (Not More than 6 months old) | Yes | NA |
| In the case of GCC (Gulf Cooperation Council) countries (If customer is providing any one of the documents mentioned in Point A below as address proof for overseas communication address then it is mandatory to also obtain the address proof of India. The local resident card mentioning the name of the sponsor (firm/company) can be used as overseas address proof; or The geography specific resident card mentioning the unique reference number can also be considered as the overseas address proof. | Yes | NA |
FCNR (B) Product Snap Shot
Product Snap Shot
Swift / BIC details
Card Rates
FCNR (B) Product Snap Shot
Feature
FCNR(B) Deposit
Currencies Available
USD
Minimum Deposit
1000 USD
Tenure
Min 12 Months and up to Max 36 Months
Taxation
Interest earned is not taxable in India
Repatriation
Balance and interest are fully repatriable
Interest Compounding
Interest is compounded every 180 days
Interest Payout
Half-yearly or Cumulative
