What's special about us
Zero Charges on 28 Commonly Used Savings Account Services
- About Us
- MD & CEO letter about the bank
- MD & CEO
- Our History
- Letter to Shareholders on the 1st Annual Report after Merger
- Letter to Shareholders on the 2nd Annual Report after Merger
- Letter to Shareholders on the 3rd Annual Report after Merger
- Letter to Shareholders on the 4th Annual Report after Merger
- Board of Directors
- Awards & Accolades
- News Room
- Investors
- Careers
- ESG
-
As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
-
-
Invest your overseas earnings and
get tax exempt interest with
IDFC FIRST Bank FCNR Deposit Account
Get higher returns on your foreign currency deposits
Invest your overseas earnings and get tax exempt interest with IDFC FIRST Bank FCNR Deposit Account
-
Offers better returns than your bank overseas
-
Assured returns in foreign currency to meet to those obligations that you might have.
-
Tax exempt interest in India
-
Tenure range available from 1 year – 5 years
-
Offers better returns than your bank overseas
-
Assured returns in foreign currency to meet to those obligations that you might have.
-
Tax exempt interest in India
-
Tenure range available from 1 year – 5 years
Multiply your earnings with IDFC FIRST Bank FCNR Fixed deposit
Eligibility
Any existing IDFC FIRST Bank NRI customer can open an FCNR Deposit with us.
FREQUENTLY ASKED QUESTIONS
In which currency is my FCNR(B) deposit maintained?
Your FCNR deposit will be maintained in the specified currencies chosen at the time of booking deposit. The currencies are USD, GBP, EURO, AUD and SGD currencies.
Are these accounts taxable in India?
As per current guidelines, the principal amount as well as interest earned on FCNR deposit is exempted from Income tax in India.
Can I repatriate funds invested in my FCNR (B) deposit?
Yes, the funds held in your FCNR (B) deposit are fully and freely repatriable (both principal and Interest).
What should be the minimum tenure to earn any interest on FCNR (B) deposit?
In order to earn interest on your FCNR (B) fixed deposit, it needs to be kept for minimum of 1 year.
What is the maximum tenure of FCNR (B) deposits?
The FCNR (B) deposit can be kept for maximum of 5 years.
Can I have a joint holder in my FCNR (B) deposit?
Yes, you can open FCNR (B) fixed deposit jointly with Non Resident Indians / Person of Indian Origins. You can also hold your FCNR(B) deposit jointly with a resident relative on Former or Survivor basis only.
How can I fund, the opening of my FCNR (B) deposit?
Funding into your FCNR (B) deposit can be done by following ways:-
- Foreign Currency Remittances from overseas
- Funds from any other FCNR account in any bank in India
Is premature withdrawal facility available in my FCNR (B) deposit? If yes, what would be the fore closure charges applicable?
Yes, Premature withdrawal of Retail Term Deposit is permissible. On Premature withdrawal, interest will be calculated at the applicable rate(on the date of placement of deposit), for the period the deposit has run. Premature Withdrawal Penalty shall be Nil. Also, no interest will be paid in case closure has been done within one year. To know more on penalty charges in detail, Click Here.
Can I transfer funds from my existing FCNR (B) deposit to open NRE / NRO account?
Yes, you can transfer funds from your existing FCNR (B) deposit, to open NRE / NRO account.
What is the tenure and interest rate for which I can open FCNR (B) deposit?
For detailed information on tenure and interest rates of FCNR (B) deposits, Click Here
What is the minimum amount required to open a FCNR (B) deposit?
The minimum amount required to open a FCNR (B) deposit is 1000 in your respective USD, GBP, EUR, AUD and SGD currencies.
Will I get a cheque book and a global debit card when I open FCNR (B) deposit?
No, you will not get cheque book and global debit card with your FCNR (B) deposit. You shall get a fixed deposit advice on booking a FCNR deposit.
How can I access my FCNR (B) deposit when I am overseas?
You can access your FCNR (B) deposit through Net Banking and Mobile Banking App.
Can my FCNR (B) deposits with the bank will automatically get renewed on maturity?
Currently, all FCNR deposits are getting auto - renewed upon maturity. However, you may choose to get the same closed as and when required by getting in touch with your Relationship manager and placing a closure request.
Can I have nomination facility in my FCNR (B) deposit?
Yes, you can avail nomination facilities in your FCNR (B) deposit. A nominee can either be resident or non-resident as desired by the account holder.
How are FCNR interest rates compounded and paid?
- FCNR interest rates are computed using a fixed rate
- The interest on FCNR deposits is compounded at intervals of 180 days each and thereafter for the remaining actual number of days
- The principal is increased to include the interest earned during the previous 180 days
