FCNR Deposit Interest Rates 2025 - Latest Rates for All Currencies
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 FCNR Rates
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 4.25% on FCNR accounts in USD.
Tenure | USD |
| GBP | EUR | AUD | CHF | JPY | CAD |
Up to Rs.5 lakh | Above Rs.5 lakh | |||||||
1 Year to less than 2 Year | 5.70% | 6.00% | 4.00% | 3.00% | 4.20% | 0.05% | 0.20% | 3.50% |
2 Year to less than 3 Year | 4.65% | 4.65% | 3.75% | 2.00% | 3.50% | 0.00% | 0.20% | 3.50% |
3 Year to less than 4 Year | 3.75% | 3.75% | 2.45% | 1.00% | 3.00% | 0.00% | 0.05% | 3.15% |
4 Year to less than 5 Year | 3.00% | 3.00% | 2.45% | 1.00% | 3.20% | NA | 0.05% | 3.20% |
5 Year | 3.00% | 3.00% | 2.45% | 1.00% | 3.45% | NA | 0.05% | 3.25% |
Maharashtra Bank FCNR Rates
Bank of Maharashtra 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.
Maturity period/Currency | USD | GBP | EUR | AUD | CAD |
12-15-18-21 months | 5.00% | 3.65% | 1.50% | 1.25% | 1.04% |
24-27-30-33 months | 3.10% | 2.20% | 0.01% | 1.45% | 2.10% |
36-39-42-45 months | 3.10% | 2.30% | 0.01% | 1.80% | 2.32% |
48-51-54-57 months | 3.00% | 2.30% | 0.10% | 1.85% | 2.38% |
60 months | 3.00% | 2.30% | 0.15% | 2.00% | 2.39% |
Indian Overseas Bank FCNR Rates
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.
Maturity period/Currency | USD | GBP | EUR | JPY | CAD | AUD | CHF | NZD |
One Year | 5.80% | - | - | - | - | - | - | - |
One Year & above but less than Two Years | 5.75% | 5.00% | 2.50% | 0.03% | 0.50% | 0.70% | 0.00% | 1.00% |
Two Years & above but less than Three Years | 3.20% | 2.10% | 0.15% | 0.05% | 1.60% | 1.00% | 0.00% | 1.20% |
Three Years & above but less than Four Years | 3.15% | 2.15% | 0.15% | 0.05% | 1.80% | 1.25% | 0.02% | 1.40% |
Four Years & above but less than Five Years | 3.15% | 2.20% | 0.15% | 0.05% | 1.90% | 1.55% | 0.02% | 1.50% |
Five Years Only | 3.15% | 2.25% | 0.15% | 0.05% | 1.95% | 1.85% | 0.02% | 1.60% |
Tamilnad Mercantile Bank FCNR Rates
Tamilnad Mercantile Bank provides a competitive interest rate on all currency FCNR deposits. At present, they are offering a rate of 6.00% on 1-year deposits in US dollars, the highest compared to other currency interests on FCNRs.
Tenure | Tamilnad Mercantile Bank FCNR (B) FD rate p.a. | |||||
USD | GBP | EUR | JPY | CAD | AUD | |
1 Year to less than 2 Years | 6.00 | 4.03 | 2.50 | 0.24 | 4.75 | 0.00 |
2 Years to less than 3 Years | 5.50 | 4.03 | 2.50 | 0.24 | 4.75 | 0.00 |
3 Years to less than 4 Years | 5.40 | 3.98 | 2.45 | 0.24 | 4.75 | 0.00 |
4 Years to less than 5 Years | 5.30 | 4.08 | 2.55 | 0.24 | 4.75 | 0.00 |
5 Years Only | 5.30 | 4.08 | 2.55 | 0.24 | 4.75 | 0.00 |
Note: The Tamilnad Mercantile Bank term deposit rates are subject to change as per the discretion of the bank. The rates provided above are effective as of 7 May 2024.
Yes Bank FCNR Rates
Yes Bank provides a wide range of financial services that cater to NRIs. Their highest rate of interest is 5.15% on FCNRs in US dollars for a tenure that ranges from 2 years to less than 3 years.
Tenure | HKD | SGD | AUD | CAD | JPY | EURO | GBP | USD |
1 year to less than 2 years | 3.00% | 4.05% | 4.75% | 4.60% | 1.90% | 4.10% | 5.65% | 6.10% |
2 years to less than 3 years | 3.00% | 3.75% | 4.50% | 4.60% | 1.95% | 3.65% | 5.00% | 5.15% |
3 years to less than 4 years | 1.35% | 3.60% | 4.30% | 3.30% | 1.95% | 2.55% | 4.25% | 4.80% |
4 years to less than 5 years | 1.35% | 1.40% | 4.30% | 3.10% | 0.05% | 2.00% | 4.00% | 4.75% |
5 years | 1.35% | 1.40% | 4.30% | 3.00% | 1.95% | 2.00% | 4.00% | 4.70% |
Note: YES Bank can change the interest rates at any given time without prior notice. The above-mentioned interest rates are effective from 1 February 2023.
RBL Bank FCNR Rates
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 5.70%.
Period | USD | GBP | EUR | AUD | SGD | JPY | CAD |
1 year and above but less than 2 years | 6.10% | 4.00% | 3.00% | 3.50% | 4.05% | 0.05% | 2.75% |
2 year and above but less than 3 years | 5.50% | 4.20% | 2.20% | 3.50% | 3.75% | 0.05% | 2.50% |
3 year and above but less than 4 years | 4.40% | 4.00% | 2.00% | 2.85% | 1.30% | 0.06% | 2.25% |
4 year and above but less than 5 years | 4.45% | 3.00% | 2.00% | 2.75% | 1.35% | 0.06% | 2.00% |
5 years | 5.85% | 3.00% | 2.00% | 2.60% | 1.40% | 0.06% | 2.00% |
IDBI Bank FCNR Rates
IDBI is a well-reputed bank that offers FCNR facilities in major foreign currencies. Their USD deposits pay 4.35% for five years and GBP deposits pay 4.27%, the highest when compared to other currencies.
MATURITY SLAB | USD up to 2 million | GBP | EUR | AUD | CAD | JPY* | SGD | HKD | CHF |
1 yr to less than 2 yrs | 5.65% | 5.10% | 3.70% | 4.35% | 4.87% | 0.61% | 3.06% | 1.00% | 0.75% |
2 yrs to less than 3yrs | 5.00% | 4.80% | 2.70% | 4.35% | 4.43% | 0.25% | 3.01% | 1.00% | NA |
3 yrs to less than 4 yrs | 4.60% | 4.25% | 2.50% | 4.20% | 4.04% | 0.10% | 1.73% | 1.00% | NA |
4 yrs to less than 5 yrs | 4.40% | 3.75% | 2.50% | 4.14% | 3.85% | 0.10% | 0.73% | 1.00% | NA |
5 years only | 4.40% | 3.75% | 2.50% | 4.27% | 3.85% | 0.10% | 0.73% | 1.00% | NA |
DCB Bank FCNR Rates
DCB Bank provides a range of flexible deposit options for NRIs. At present they are offering the highest interest on US, GBP, Australian and Canadian dollar currency deposits.
The interest rates offered on FCNR fixed deposits are mentioned in the table below:
Currency | 1 year and above but less than 2 years | 2 years and above but less than 3 years | 3 years to less than 4 years | 4 years to less than 5 years |
USD | 6.20% | 5.35% | 3.50% | 3.50% |
GBP | 2.75% | 2.75% | 2.75% | 2.75% |
EUR | 4.00% | 0.75% | 0.75% | 0.75% |
AUD | 2.75% | 2.75% | 2.75% | 2.75% |
CAD | 3.00% | 3.00% | 3.00% | 3.00% |
FAQs on FCNR Rates
- Which bank in India gives the best FCNR rates?
The IDBI bank offers the best FCNR rates in India.
- What is the maximum tenure of opening a FCNR account?
The maximum tenure of opening a FCNR account is 5 years.
- Is investing in FCNR a good decision?
Yes, investing in FCNR is a good decision for NRIs. These FCNR investments can be considered as a long-term investment just like term-deposits.
- Is it possible to transfer money to FCNR from my NRE account?
Yes, you can transfer money to your FCNR account from NRE account. You can do this through wire transfer or through personal cheques.
- Are FCNR deposits taxable?
No, In India, interest on an FCNR Fixed Deposit Account is not taxable.
- What is the tenure for an Indian Overseas Bank FCNR account?
The tenure for the Indian Overseas Bank for an FCNR account ranges from 1 to 5 years.
- Is there any penalty for premature withdrawal for an FCNR account in Yes Bank?
There is no penalty for premature withdrawal from an FCNR account in Yes Bank for a period of less than one year.
- Can I get a loan against my FCNR account?
Yes, the facility to take a loan against your FCNR deposits is available in most banks in India.
- Can minors open an FCNR account?
Minors cannot directly open an FCNR account. Accounts for minors are opened by guardians on their behalf.
- Is there a maximum limit to the amount in an FCNR account?
No, there is no limit to the maximum amount one can deposit in an FCNR account.
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