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  • 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.

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FCNR Deposits for NRIs: Foreign Currency Fixed Deposits in India

Our Foreign Currency Non-Resident (FCNR) account is designed to meet the unique financial requirements of Non-Resident Indians (NRIs). An FCNR fixed deposit lets NRIs hold their savings in foreign currencies, thus, safeguarding their wealth from exchange rate fluctuations. It offers attractive interest rates and tax-exempt interest in India, ensuring that NRIs can maximize their returns while maintaining financial stability.Read More

Furthermore, FCNR deposits, including the principal amount and interest earned on it, is fully repatriable, enabling easy fund accessibility anywhere in the world. The IDFC FIRST Bank FCNR account supports multiple foreign currencies, offering flexibility and convenience. By opening an IDFC FIRST Bank FCNR account, you can enjoy the dual benefits of secure and profitable returns on your foreign income with financial flexibility across borders.

  

Benefits of IDFC FIRST Bank FCNR deposit accounts

Flexible tenures from 1 to 5 years Flexible tenures from 1 to 5 years

Flexible tenures from 1 to 5 years

IDFC FIRST Bank FCNR accounts offer flexible tenure options to suit your financial goals and needs.

Available in five currencies Available in five currencies

Available in five currencies

You can open an FCNR account in five major currencies: USD (US Dollar), GBP (British Pound), EUR (Euro), AUD (Australian Dollar), and SGD (Singapore Dollar)

Safeguard against exchange rate fluctuations Safeguard against exchange rate fluctuations

Safeguard against exchange rate fluctuations

Maintain FCNR deposits in your preferred foreign currency to prevent losses from exchange rate changes.

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Seamless repatriation of funds Seamless repatriation of funds

Seamless repatriation of funds

Both the principal amount and the interest earned on your FCNR deposits are fully and freely repatriable.

Attractive interest rates Attractive interest rates

Attractive interest rates

IDFC FIRST Bank FCNR deposits offer higher returns compared to regular savings accounts, making it a lucrative investment option.

Automatic renewals Automatic renewals

Automatic renewals

Your deposits are auto-renewed upon maturity, ensuring continuous growth of your investments without any manual intervention.

Tax exempt in India Tax exempt in India

Tax exempt in India

You pay no taxes on the interest earned on FCNR deposits, further maximising your returns.

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Multiply your earnings with IDFC FIRST Bank FCNR Fixed deposit

View Interest Rates

FCNR Deposit

FCNR Deposit Eligibility

The following individuals with an active NRI Bank account (NRE/NRO account) with IDFC FIRST Bank can open an FCNR fixed deposit.

  1. Non-Resident Indians
  2. Person of Indian Origin (PIO)
  3. Overseas Citizen India (OCI)
  4. Seafarers working on international Vessels
  5. Oil rig employees working on international offshore projects

Eligibility

FCNR Deposit FAQs

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?

For earning interest on your FCNR (B) fixed deposit, it needs to be active for at least one year.

What is the maximum tenure of FCNR (B) deposits?

An FCNR (B) deposit can be held for a maximum of five 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 foreclosure 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 an 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 needed to open a FCNR (B) deposit?

The minimum amount needed to open a FCNR (B) deposit is 1,000 in 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 an 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

How can I book an FCNR deposit online?

You can book an FCNR deposit account by reaching out to any IDFC FIRST Bank representative or connecting with your Relationship Manager.

Who is eligible to open an FCNR Deposit?

The following individuals with an active NRI Bank account (NRE/NRO account) with IDFC FIRST Bank can open an FCNR fixed deposit:

- Non-Resident Indians

- Person of Indian Origin (PIO)

- Overseas Citizen India (OCI)

- Seafarers working on international Vessels

- Oil rig employees working on international offshore projects

Click here to open an FCNR Deposit.

More FAQs

NRI Blogs

What is (Gujarat International Finance Tec-City ) Gift City?

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What is GIFT City?

GIFT City (Gujarat International Finance Tec-City) is India’s first operational International Financial Services Centre (IFSC), designed to attract global businesses, financial institutions, and fintech companies. It offers world-class infrastructure, smart city elements, and tax incentives, making it an attractive destination for financial and tech enterprises. NRIs can benefit from investment opportunities, tax exemptions, and banking services like IDFC FIRST Bank’s international banking unit in GIFT City.

Team FinFIRST07 Mar 2025 • 3 mins read

Read Full Story

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Explore NRI Savings Account

NRE Savings Account

NRE Savings Account

  • • Monthly interest credits
  • • Tax-exempt returns
  • • Fully and freely repatriable
  • • VISA Signature International Debit Card

Apply Now Know More
NRO Savings Account

NRO Savings Account

  • • Monthly interest credits
  • • Free and unlimited ATM transactions in India
  • • Repatriate up to USD 1 million per year
  • • VISA Signature Domestic Debit Card

Apply Now Know More
Seafarer Savings Account

Seafarer Savings Account

  • • Rupee denominated account
  • • International debit card with low forex mark-up
  • • Domestic airport lounge access

 

Apply Now Know More

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