• FCNR Rates

    A Foreign Currency Non-Repatriable (FCNR) account is a type of fixed deposit account that is held in foreign currencies by Non-Resident Indians (NRI). There are several Indian banks that offer FCNR accounts at attractive interest rates.

    FCNRs are a great option for NRIs because the interest earned on these are exempt from tax in India. Also, FCNRs in India offer a much higher rate of interest when compared to other countries.

    Top Interest Rates on FCNR Accounts

    Below is the list of banks that provide the best interest rates on FCNR Accounts:

    South Indian Bank

    South Indian Bank offers various NRI services including FCNR accounts. In the case of premature withdrawal, there is no need to pay penalty. They offer a high interest rate of 3.15% on FCNR accounts in CAD.

    Tenure USD GBP EUR AUD CHF JPY CAD
    12 months to less than 24 months 2.79% 1.79% 0.71% 1.77% 0.39% 1.04% 3.15%
    24 months to less than 36 months 2.63% 1.78% 0.67% 1.71% 0.32% 0.97% 2.89%
    36 months to less than 48 months 2.57% 1.78% 0.69% 1.73% 0.35% 0.96% 2.87%
    48 months to less than 60 months 2.56% 1.80% 0.73% 1.86% 0.39% 0.95% 2.86%
    60 months 2.58% 1.81% 0.77% 1.91% 0.43% 0.96% 2.86%

    Maharashtra Bank

    Maharashtra Bank provides competitive interest rates on FCNR deposits. They offer deposits in a wide range of currencies such as US Dollar, British Pound, Euro, Australian Dollar, Canadian Dollar, and Singapore Dollar. The minimum period for a deposit is 12 months.

    Tenure USD GBP EURO AUD CAD
    12-15-18-21 months 2.24% 0.99% 0.16% 0.97% 2.35%
    24-27-30-33 months 2.13% 1.03% 0.17% 0.96% 2.14%
    36-39-42-45 months 2.07% 1.03% 0.19% 0.98% 2.12%
    48-51-54-57 months 2.31% 1.30% 0.00% 1.36% 2.36%
    60 months 2.33% 1.31% 0.02% 1.41% 2.36%

    Indian Overseas Bank

    Indian Overseas Bank offers good interest rates on FCNR accounts and they also deal in a wide range of currencies. They deal in an extensive range of currencies. All deposits can be made for a tenure ranging from 1 to 5 years.

    Tenure USD GBP EUR JPY CAD AUD CHF NZD SGD
    12 months to less than 24 months 2.74% 1.49% 0.41% 0.74% 2.60% 1.47% 0.00% 0.71% 1.16%
    24 months to less than 36 months 2.38% 1.53% 0.42% 0.72% 2.39% 1.46% 0.00% 0.69% 1.15%
    36 months to less than 48 months 2.32% 1.53% 0.69% 0.71% 2.37% 1.58% 0.00% 0.70% 1.16%
    48 months to less than 60 months 2.31% 1.55% 0.73% 0.70% 2.36% 1.61% 0.00% 0.72% 1.19%
    60 months 2.33% 1.56% 0.77% 0.71% 2.36% 1.66% 0.00% 0.76% 1.23%

    Tamilnad Mercantile Bank

    Tamilnad Mercantile Bank provides a competitive interest rate on all currency FCNR deposits. At present, they are offering a rate of 3.03% on 5-year deposits in US dollars, the highest compared to other currency interests on FCNRs.

    Tenure USD GBP EUR CAD AUD JPY CHF
    12 months to less than 24 months 2.74% 1.74% 0.66% 2.60% 1.22% 1.24% 0.59%
    24 months to less than 36 months 2.63% 1.78% 0.67% 2.39% 1.21% 1.22% 0.57%
    36 months to less than 48 months 2.82% 2.03% 0.94% 2.37% 1.33% 1.46% 0.85%
    48 months to less than 60 months 3.01% 2.25% 1.18% 2.36% 1.36% 1.65% 1.08%
    60 months 3.03% 2.26% 1.22% 2.36% 1.41% 1.66% 1.13%

    Yes Bank

    Yes Bank provides a wide range of financial services that cater to NRIs. Their highest rate of interest is 3.74% on FCNRs in US dollars for a tenure that ranges from 1 year and 2 years.

    Tenure USD GBP EUR JPY CAD AUD SGD HKD
    12 months to less than 24 months 3.74% 1.85% 0.10% 1.90% 2.62% 2.00% 2.25% 2.55%
    24 months to less than 36 months 3.55% 2.00% 0.10% 0.40% 2.50% 2.30% 2.20% 2.35%
    36 months to less than 48 months 3.51% 1.55% 0.10% 1.80% 2.45% 2.30% 1.65% 2.00%
    48 months to less than 60 months 3.51% 1.55% 0.10% 0.15% 2.45% 2.35% 1.70% 2.00%
    60 months 3.51% 1.70% 0.10% 1.60% 2.30% 2.30% 1.75% 2.00%

    RBL Bank

    RBL Bank offers FCNR accounts in all major currencies. The interest earned on these FCNR deposits are paid on a half-yearly basis and deposits are renewed automatically. They offer a high yielding rate on US dollar deposits, which is 3.45%.

    Tenure USD GBP EUR AUD SGD JPY CAD CHF
    12 months to less than 24 months 3.40% 1.55% 0.10% 1.50% 2.00% 0.30% 2.20% 0.10%
    24 months to less than 36 months 3.40% 1.55% 0.10% 1.65% 2.00% 0.10% 2.45% 0.10%
    36 months to less than 48 months 3.45% 1.55% 0.10% 1.75% 2.00% 0.10% 2.55% 0.10%
    48 months to less than 60 months 3.45% 1.65% 0.10% 1.75% 2.05% 0.10% 2.60% 0.10%
    60 months 3.45% 1.65% 0.10% 1.75% 2.10% 0.10% 2.60% 0.10%

    IDBI Bank

    IDBI is a well-reputed bank that offers FCNR facilities in major foreign currencies. Their USD deposits pay 2.49% for 5 years and HKD deposits pay 2.63%, the highest when compared to other currencies.

    Tenure USD GBP EUR AUD CAD JPY SGD HKD CHF
    12 months to less than 24 months 2.49% 1.48% 0.20% 1.47% 2.44% 0.37% 2.08% 2.63% 0.00%
    24 months to less than 36 months 2.38% 1.49% 0.19% 1.46% 2.42% 0.34% 2.06% 2.51% 0.00%
    36 months to less than 48 months 2.32% 1.49% 0.19% 1.58% 2.41% 0.27% 2.02% 2.39% 0.00%
    48 months to less than 60 months 2.31% 1.52% 0.22% 1.61% 2.43% 0.24% 2.02% 2.37% 0.00%
    60 months 2.33% 1.55% 0.29% 1.66% 2.47% 0.23% 2.05% 2.41% 0.00%

    DCB Bank

    DCB Bank provides a range of flexible deposit options for NRIs. At present they are offering the highest interest on US, Australian and Canadian dollar currency deposits.

    Tenure USD GBP EUR AUD CAD
    12 months to less than 24 months 3.00% 1.10% 0.10% 1.75% 2.65%
    24 months to less than 36 months 2.75% 1.10% 0.10% 1.75% 2.55%
    36 months to less than 48 months 2.50% 1.10% 0.10% 1.75% 2.25%
    48 months to less than 60 months 2.50% 1.10% 0.10% 1.75% 2.15%
    60 months 2.50% 1.10% 0.10% 1.75% 2.15%

    Disclaimer: All interest rates are subject to change at regular intervals based on the discretion of the bank

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    FCNR Rates Reviews

    • HDFC Bank Fixed Deposit
      "FD is not good with HDFC"
      0.5 4.0/5 "Great!"
      I have invested some money as a Fixed deposit in HDFC Bank and the interest rate is not that much great because they are giving interest as compared to others. I have invested the money of Rs. 3L and there is a locking period of 5 years. Its 7% interest rate. If they are increasing the interest rate, it would be fine. Since I do all my transactions with this bank, I have selected same for my FD as well.
      Was this review helpful? 4
      , bangalore
      Reviewed on Jan 31, 2020
    • SBI
      SBI Fixed Deposit
      "Good support"
      0.5 5.0/5 "Blown Away!"
      I have chosen my fixed deposit scheme from State bank of India because I'm maintaining my salary account with them and they provided rate of interest is fine for me. I have invested the money of Rs. 2.75 lakhs. There is a locking period of 45 days. They are giving interest rate of 4.5%. Overall, I'm satisfied with their services.
      Was this review helpful? 11
      , namakkal
      Reviewed on Jan 18, 2020
    • Kotak Fixed Deposit
      "Good App"
      0.5 5.0/5 "Blown Away!"
      I have been investing the money of Rs. 3 lakhs for the fixed deposit. I have selected Kotak mahindra bank for the FD because their net banking facility is very different when i compared to other. I can access everything regarding the account hence its easy to handle the transactions. I'm not sure about the interest rates. 7 months before, i have invested the money.
      Was this review helpful? 9
      , bangalore
      Reviewed on Jan 08, 2020
    • Kotak Fixed Deposit
      "Excellent Services"
      0.5 5.0/5 "Blown Away!"
      Its because of the competitive interest rates, i have selected the Fixed deposit in Kotak Mahindra bank. I have invested the fixed deposit 1.5 years ago and there is a lockin period of 5 years. They have invested the amount of Rs. 7.5 % and the employees are helpful in the branch.
      Was this review helpful? 4
      , mumbai
      Reviewed on Jan 08, 2020
    • Axis Bank Fixed Deposit
      "Good Savings scheme"
      0.5 4.0/5 "Great!"
      I have a Fixed deposit in Axis bank. I have invested the money of Rs. 10000 for two FDs. There is a lockin duration of 1 year. They are giving a interest rate of 7%. Through net banking, i have activated this Fixed deposit. There is no tax benefits available. Axis bank service has been good. Overall, I'm happy about their services.
      Was this review helpful? 6
      , kolkata
      Reviewed on Dec 31, 2019
    • Oriental Bank of Commerce Fixed Deposit
      "Good Scheme"
      0.5 5.0/5 "Blown Away!"
      Since last 15 years, i have a account with Oriental bank of commerce thats the reason i have invested the money in fixed deposit with the same bank. I have invested the amount of Rs. 11 lakhs. They are giving the interest rate of 6.5%. There is no locking period but i have chosen the duration of 1.5 years. There is no additional charges deducted for this fixed deposit.
      Was this review helpful? 15
      , bulandshahr
      Reviewed on Dec 03, 2019
    • Post Office Fixed Deposit
      "Good Service"
      0.5 4.0/5 "Great!"
      Interest rate is very low in Indian post office Fixed deposit scheme because they are providing only 8.5%. I have chosen this office because of the child benefits. I have invested the money of Rs. 1.5 years. Its 3 years lock in period. Overall, I'm satisfied with the service provided by post office employees.
      Was this review helpful? 46
      , parvathipuram
      Reviewed on Dec 03, 2019
    • SBI Fixed Deposit
      "Good bank for Fixed Deposit"
      0.5 4.0/5 "Great!"
      I have invested the money in SBI for a fixed deposit and based on my wife recommendation i have chosen it. They are providing the interest rate of 7.25%. They have option to select the lock in period in that i have chosen 5 years. We had visited their branch and the response was good.
      Was this review helpful? 26
      , mumbai
      Reviewed on Nov 12, 2019
    • HDFC Bank Fixed Deposit
      "Good one"
      0.5 4.0/5 "Great!"
      Its easy accessible and to redeem so that i have invested the money in Fixed Deposit with HDFC BANK. I have invested the money of Rs. 2.5 lakhs and they have provided me a interest rate of 7.5%. There is no locking period. I didn't got any additional charges till now.
      Was this review helpful? 16
      , hyderabad
      Reviewed on Nov 12, 2019
    • Post Office Fixed Deposit
      "Safety deposit"
      0.5 5.0/5 "Blown Away!"
      I have paid the money of Rs. 4.5 lakhs as a fixed deposit in the Indian post office. For the safety purpose, i have chosen the post office account. They are offering me a interest rate of 7.9%. There is a lockin period of 5 years. If i withdraw the money in 1 year, they will reduce the interest rate of 2% and after 3 years, its 1%.
      Was this review helpful? 82
      , jaipur
      Reviewed on Nov 08, 2019
    • Central Bank of India Fixed Deposit
      "Good Bank"
      0.5 4.0/5 "Great!"
      Interest rates are less in Central Bank of India so I had taken a fixed deposit. I have invested the money of Rs. 1 lakh in my wife's name. Branch is near from my place so I have chosen this bank. Yearly once, I get the money of Rs. 6,765 for the interest. There is a locking period of 1 year.
      Was this review helpful? 7
      , tirupur
      Reviewed on Nov 06, 2019
    • ICICI Bank Fixed Deposit
      "Customer centrice & User friendly app"
      0.5 4.0/5 "Great!"
      I am doing Fixed Deposit with ICICI BANK and its been around 5years. They haven't been paying good interest and its more or less same like other banks as I used to hold my salary account with ICICI, I have decided to be with one bank. There is no locking period and its flexible. They do give good support and the app is user friendly. Even deposit account can be opened through i-mobile or net banking itself.
      Was this review helpful? 12
      , nasik
      Reviewed on Oct 15, 2019
    • SBI Fixed Deposit
      "Good"
      0.5 3.0/5 "Satisfactory"
      I had a Fixed Deposit in State Bank of India, I have completed the tenure before 3months ago. I have no issues with the customer service. They are given me 7% interest rate for 2years. There is no profit and processing fee. I got an online access, where I can check the interest rate anytime on the YONO app or else SBI online.
      Was this review helpful? 20
      , tirupati
      Reviewed on Oct 15, 2019
    • SBI Fixed Deposit
      "Interest charges are good. "
      0.5 3.0/5 "Satisfactory"
      I have invested some money through FD. My salary account is in SBI so i have a zero ATM charges and the limit is not actually set by SBI. They do have short term FDs which is pretty good. I have invested the money of Rs. 60000 and the interest rate is 10.01% for the tenure period of 16 months. There is no lockin period. There is no hassle to getting the money back.
      Was this review helpful? 33
      , kolkata
      Reviewed on Oct 01, 2019
    • Dena Bank Fixed Deposit
      "Good plan for senior citizen"
      0.5 2.0/5 "Expected more"
      I have invested the money in Dena bank through Fixed deposit and the growth is not that much good. They are not taking any hidden charges. Only because of the Government undertaken bank, i have selected them. They are providing a interest rate of 6% per annum. I have invested the money of Rs. 2 lakhs. There is a lockin period of 1 year.
      Was this review helpful? 10
      , new delhi
      Reviewed on Sep 24, 2019
    • Axis Bank Fixed Deposit
      "Interest should be increased for FD"
      0.5 3.0/5 "Satisfactory"
      I have opt for fixed deposit for the tax saving purpose because I have chosen five years tenure with AXIS Bank, still its going on. Only once I Invested my money it has the locking period of five years. I have option to check my transactions through mobile app. But I have concern about the interest rate is very lesser for this FD.
      Was this review helpful? 14
      , hyderabad
      Reviewed on Sep 19, 2019
    • SBI Fixed Deposit
      "FD process should be simpler"
      0.5 1.0/5 "Really Bad"
      I had fixed deposit with SBI then I withdrawn the amount, I done Rs. 3 lakhs of investment on my daughter name then I taken the liquidity to purchase the land, at the time I struggled a lot to take that money because the process was difficult to withdrawn the money after seven months of tenure.
      Was this review helpful? 31
      , madurai
      Reviewed on Sep 03, 2019
    • Union Bank of India Fixed Deposit
      "Not good"
      0.5 3.0/5 "Satisfactory"
      I had a Fixed Deposit with Union Bank of India and its closed 18 to 19 months due to personal reasons. I am doing investment but my experience is not good with FD account. In my home town, there is no other banks so just decided to go with this bank. The returns are good.
      Was this review helpful? 12
      , bangalore
      Reviewed on Aug 28, 2019
    • HDFC Bank Fixed Deposit
      "Good to go with HDFC"
      0.5 5.0/5 "Blown Away!"
      I have one FD with HDFC, I deposited Rs. 1 lakh, I was opt for 45 days of tenure. Finally I got 6.25% of interest for 45 days. It won't cover the tax, if we need tax benefits we should go for five years term. I can track the details through netbanking, on the maturity date the amount credits automatically in the account. Even the notification can customized.
      Was this review helpful? 26
      , bangalore
      Reviewed on Aug 27, 2019
    • HSBC Bank Fixed Deposit
      "wrong calculation of interest rates"
      0.5 0.5/5 "Unacceptable"
      HSBC staff wrongly pre closed my fixed deposit .. and calculated the interest rates wrongly and when asked them for clarification never got back .. even after following up with them repeatedly for more than 3 months.. would highly recommend not using their services.
      Was this review helpful? 12
      , visakhapatnam
      Reviewed on Aug 24, 2019
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