FCNR Deposits

Leverage your foreign earnings to enhance your wealth in the same currency. At SBM Bank India, we offer Foreign Currency Non-Resident (FCNR) Deposits designed to help our discerning customers grow their foreign earnings. Global Indians seeking low-risk investment avenues can consider our FCNR Accounts, which provide attractive FCNR deposit rates to maximize your returns. Your wealth enjoys tax-free growth in India and stays protected from exchange rate fluctuations, ensuring financial stability and growth. With competitive FCNR deposit rates, this account is ideal for those looking to secure their international income while enjoying peace of mind.

Choose SBM Bank India to make the most of your foreign currency earnings with our FCNR Deposits, tailored to meet the needs of globally-minded investors.

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FEATURES OF FCNR DEPOSIT

Hedge against currency exchange rates

Protect your foreign earnings from currency exchange volatility and experience your wealth grow at a faster pace than in developed market economies.

Tax benefits in India

Amplify your wealth without any burden of taxation. Enjoy tax exemption in India on interest earned and principal amount to maximise returns.

Attractive interest rate

Witness your wealth grow rapidly with FCNR deposits of varying tenures and competitive FCNR deposit rates. Earn attractive FCNR deposit rates depending on the currency and maximize your returns effortlessly. See the latest rates today and take the next step toward financial growth!

Fully Repatriable

Get the liberty to utilise your funds the way you want. Repatriate both the principal amount and interest earned, without any restrictions.

Multiple currency

Choose from a diverse range of global currencies to fund your FCNR Account, providing you with unmatched flexibility and currency risk mitigation.

Flexible tenure

Choose the deposit tenure that aligns with your financial goals, with flexible tenure options ranging from 1 year to 5 years.

WHY SBM BANK?

Trusted expertise

With a team of industry experts from the banking, retail, and technology sector, we have delivered exceptional services to our clientele, earning the trust of global investors seeking refined financial solutions.

Personalised service

Your demands are unique, and so are our services. Get the personalised experience that you deserve. Our team of dedicated relationship managers stays committed to being at your services to fulfil your banking requirements.

Global reach

With a strong international presence, we strive to provide the highest standard of services. You can effortlessly manage your finances across borders with seamless fund transfers and round the clock access to your account.

Modern technology

We leverage state-of-the-art technologies to build our banking platform for a swift and secure banking experience.

Open an FCNR Deposit at SBM Bank India

Book your FCNR Deposit with a streamlined and effortless process. You can reach out to us by providing your contact details below. If you are an existing customer, please get in touch with your Relationship Manager.

Eligibility for FCNR Deposit

Our FCNR Deposit is available to individuals who meet the following criteria:

You must be a Non-resident Indian (NRI) or a Person of India Origin (PIO) with a valid overseas residential status.
You must hold a valid Indian passport or a PIO card.
You must be a seafarer or mariner.

Currency Options and Rate of Interest

Currency			Rate of Interest w.e.f. 07.05.2025
Currency			1 year & above but < 2 years	2 years & above but < 3 years	3 years & above but < 4 years	4 years & above but < 5 years	For 5 years (Maximum)
C	FCNR (B)
	i)	USD	6.1%	5.5%	4.4%	4.45%	4.75%
	ii)	GBP	4.5%	4.55%	4.05%	3.65%	3.3%
	iii)	EUR	1.3%	1.75%	1.45%	1.45%	1.45%
	iv)	JPY	1.05%	0.8%	0.01%	0.01%	0.01%
	v)	CAD
	Vi)	AUD

RFC Deposit

			RFC Deposit
			For Deposits for < 29 days	For Deposits for 30 days and above but < 3 Months	For Deposits for 3 Months & 1 Day and above but < 6 Months	For Deposits for 6 Months & 1 day and above but < 1 Year	For Deposits for 1 year & above but < 2 years	For Deposits for 2 years & above but < 3 years	For Deposits for 3 years only
D	RFC Deposit
	i)	USD		0.3%	0.75%	0.75%	1.35%	1.65%	1%
	ii)	GBP		0.01%	0.6%	0.75%	1.24%
	iii)	EUR					0.01%
	iv)	JPY
	v)	CAD
	vi)	AUD

*Interest rates are subject to change per the bank’s discretion.

FAQs

Yes, it is possible to open multiple FCNR Deposits of different currencies.

Yes, the interest rates for FCNR deposits are fixed for the entire tenure to ensure predictable returns on your investments.

No, you cannot. The bank does not allow partial withdrawals on FCNR Deposits.

No, you cannot. The Reserve Bank of India (RBI) does not permit banks to accept Recurring Deposits under the FCNR scheme.

Per RBI guidelines, the maximum period for FCNR Deposit is 5 years.

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