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 3.5% on FCNR accounts in Australian dollars.

Tenure	US Dollar	Great British Pound	Euro	Australian Dollar	Japanese Yen	Canadian Dollar
1 year to 23 months	2.68%	1.71%	1.03%	3.07%	1.30%	2.53%
2 years to 35 months	2.59%	1.69%	0.87%	2.96%	1.06%	2.40%
3 years to 47 months	2.71%	1.79%	0.99%	3.12%	1.07%	2.53%
4 years to 59 months	2.81%	1.89%	1.13%	3.38%	1.09%	2.63%
5 years	2.91%	1.98%	1.27%	3.51%	1.11%	2.72%

*All rates are in percentage

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. They offer an interest rate of 2.59% on US Dollar deposits for 5 years. The interest offered on Australian dollar deposits are much higher, at 2.72%.

Tenure	US Dollar	Great British Pound	Euro	Australian Dollar	Canadian Dollar	Singapore Dollar
5 years	2.59	1.24	0.41	2.72	1.85	2.32
48 to 57 months	2.52	1.16	0.29	2.61	1.77	2.18
36 to 45 months	2.15	0.83	0.43	2.11	1.43	1.77
24 to 33 months	2.00	0.77	0.34	2.02	1.33	1.59
12 to 21 months	1.86	0.60	0.27	1.97	1.40	1.38

*All rates in percentage

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	US Dollar	Great British Pound	Euro	Australian Dollar	Canadian Dollar	Singapore Dollar	Japanese Yen	New Zealand Dollar
1 to 23 months	2.68	1.46	1.03	2.57	2.28	1.05	1.05	2.60
2 to 35 months	2.84	1.69	1.12	2.71	2.4	1.27	1.06	2.85
3 to 47 months	3.21	1.79	1.49	2.87	2.53	1.48	1.07	3.05
4 to 59 months	3.31	1.89	1.63	3.13	2.63	1.64	1.09	3.23
5 years	3.41	1.98	1.77	3.26	2.72	1.78	1.11	3.38

*All rates in percentage

Tamilnad Mercantile Bank

Tamilnad Mercantile Bank provides a competitive interest rate on all currency FCNR deposits. At present, they are offering a rate of 4.21% on 5-year deposits in Australian dollars, the highest compared to other currency interests on FCNRs.

Currency	1 year to 23 months	2 years to 35 months	3 years to 47 months	4 years to 59 months	5 years
CHF	0.65	0.70	1.05	1.35	NA
USD	2.68	2.84	3.21	3.51	3.61
JPY	1.30	1.31	1.57	1.79	1.81
GBP	1.71	1.94	2.29	2.59	2.68
AUD	3.07	3.21	3.62	4.08	4.21
EUR	1.03	1.12	1.49	1.83	1.97
CAD	2.53	2.65	3.03	3.33	3.42

*All rates in percentage

Vijaya Bank

Vijaya Bank offers a variety of international banking services and products specifically catered to NRIs. FCNR is one of their financial products. At present, the highest rate offered by the bank are on FCNR deposits in US dollars, which pays interest at the rate of 3.72%. The second best rate is offered on deposits in Australian dollars.

Currency	1 year to 23 months	2 years to 35 months	3 years to 47 months	4 years to 59 months	5 years
USD	2.59	2.75	3.31	3.34	3.72
GBP	1.46	1.69	1.79	1.89	1.98
AUD	2.82	2.96	3.12	3.38	3.51
CAD	2.28	2.40	2.53	2.63	2.72

*All rates in percentage

Yes Bank

Yes Bank provides a wide range of financial services that cater to NRIs. Their highest rate of interest is 3.5% on FCNRs in Australian dollars for 5 years. US dollar deposits are paying at the rate of 2.9% for the same time period.

Currency	1 year to 23 months	2 years to 35 months	3 years to 47 months	4 years to 59 months	5 years
USD	2.4	2.62	2.80	2.70	2.9
GBP	1.20	1.25	1.80	1.80	1.80
AUD	2.5	2.95	3.10	3.4	3.5
CAD	1.35	1.8	2	2.1	2.1

*All rates in percentage

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 Australian dollar deposits, which is 3.22%.

Currency	1 year to 23 months	2 years to 35 months	3 years to 47 months	4 years to 59 months	5 years
CHF	0.14	0.18	0.17	0.17	0.18
USD	2.41	2.65	2.81	2.72	2.86
JPY	1.10	01.10	0.30	0.33	0.33
GBP	1.51	1.69	1.79	1.89	1.98
AUD	2.17	2.77	2.87	2.27	3.22
EUR	0.22	0.34	0.39	0.42	0.52
CAD	2.18	2.10	2.33	2.42	2.46

*All rates in percentage

IDBI Bank

IDBI is a well-reputed bank that offers FCNR facilities in major foreign currencies. Their USD deposits pay 2.66% for 5 years and AUD deposits pay 3.26%, the highest when compared to other currencies.

Slab	USD	GBP	EUR	AUD	CAD	JPY	SGD	HKD	CHF
1 Year - less than 2 Years	2.19	0.94	0.06	2.58	1.92	0.1	1.74	1.54	0
2 Years - less than 3 Years	2.31	1.05	0.13	2.72	2.11	0.1	1.95	1.8	0
3yrs to less than 4yrs	2.37	1.12	0.18	2.86	2.22	0.1	2.06	1.99	0
4yrs to less than 5yrs	2.45	1.2	0.29	3.13	2.35	0.1	2.14	2.15	0
5yrs only	2.54	1.29	0.41	3.24	2.47	0.1	2.24	2.27	0

*All rates in percentage

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.

Currency	1 year to 23 months	2 years to 35 months	3 years to 47 months	4 years to 59 months	5 years
USD	2.3	2.75	2.70	2.70	2.5
GBP	1.1	1.2	1.25	1.3	1.35
AUD	2.8	2.8	2.85	3	3.1
EUR	0.35	0.4	0.45	0.55	0.60
CAD	2	2	2	2.1	2.1

*All rates in percentage

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

Updated on 9th August 2017