Money won’t grow in your mattress.
It will grow in a Fixed Deposit!
Money won’t grow in your mattress.
It will grow in a Fixed Deposit!
  •  Loading your search... Loading your search...
  • Fixed Deposit BYTES FROM OUR KITCHEN

    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.

    SlabUSDGBPEURAUDCADJPYSGDHKDCHF
    1 Year - less than 2 Years2.190.940.062.581.920.11.741.540
    2 Years - less than 3 Years2.311.050.132.722.110.11.951.80
    3yrs to less than 4yrs2.371.120.182.862.220.12.061.990
    4yrs to less than 5yrs2.451.20.293.132.350.12.142.150
    5yrs only2.541.290.413.242.470.12.242.270

    *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

    News Related to FCNR Rates

    • FCNR Interest Rates Changed by Indian Bank

      Indian bank has revised the interest rate for FCNR term deposits recently. The new interest rate is 2.33% in USD terms for deposits of 1 year to below 2 years. Earlier, the interest rate for this tenure was 2.26%. The interest rate for deposits of 2 years to below 3 years has been increased to 2.57% from 2.52%. There is no change in the interest rates for deposits of 3 years to 5 years.

      The bank has also launched a new mobile application called ‘DigiLock’ and Direct Tax Payment service through debit card. Using the DigiLock mobile application, customers can store and lock their debit, credit, mobile banking and net banking services. The Direct Tax Payment service allows customers to pay their direct tax using their debit cards.

      27th March 2017

  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.