FCNR Deposit Interest Rates

We, at SBM Bank India, facilitate Foreign Currency Non-resident (FCNR) Deposits for NRIs seeking to grow their wealth in a foreign currency. Our FCNR Deposits offer competitive FCNR deposit interest rates with the flexibility of complete repatriation. You can deposit a wide array of foreign currencies while enjoying tax-free returns in India. Leverage the potential of FCNR Deposits to optimise your earnings, take advantage of attractive FCNR deposit interest rates, and witness your wealth thrive.

FCNR Deposit Interest Rates

We strive to help you amplify your wealth. That is why we offer attractive FCNR deposit interest rates to ensure that your wealth not only stays secure but also grows significantly over time. Leverage our competitive FCNR deposit rates and make the most out of your foreign earnings.

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

			Rate of Interest w.e.f. 19.03.2025
			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

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Disclaimer: Above rates are subject to change without prior notice. Depositors may please confirm the rate with respective branches before the investment or contact your dedicated relationship managers

FEATURES AND BENEFITS OF FCNR DEPOSITS

Enjoy assured returns with competitive interest rates.

Hold the FCNR Deposit in major foreign currencies.

FCNR Deposits are the ultimate shield against foreign exchange risk.

Repatriate both, principal amount and interest earned.

Enjoy tax-free interest in India

Opt for a tenure of your choice, with maximum tenure of five years.

Nomination facility available.

FAQs

The interest on FCNR deposits should be paid on the basis of 360 days to a year. The interest should be calculated and paid at intervals of 180 days each and thereafter for the remaining actual number of days. However, the depositor will have the option to receive the interest on maturity with compounding effect.

To open a FCNR deposit account, you will be required to furnish the following documents:

Proof of Identity: Passport
Proof of Address: Driving license or utility bill
Passport-sized Photographs
Proof of NRI status: Visa for Indian passport holders and PIO (Persons of Indian Origin) or OCI (Overseas Citizens of India) card for foreign passport holders.

Repatriation refers to the process of transferring foreign currency into the currency of your country of residence. For instance, if you are currently residing in the US and have deposited US dollars in your FCNR Deposit, you can transfer the US dollars back to the local bank account in the US.

The minimum tenure for an FCNR Deposit is one year while the maximum tenure can go up to five years.

Yes, it is. The interest earned on FCNR Deposits, along with the principal amount is fully repatriable.

Interest rates for FCNR Deposits are subject to change per the sole discretion of the bank. It is best that you talk to your Relationship Manager and check the interest rates applicable for your tenure. Note that the interest rate booked at the time of FCNR Deposit booking shall remain fixed for your chosen tenure. However, if you close the FCNR Deposit before its maturity, your returns might earn interest at a rate different than the contracted rate.

The bank may allow you to continue holding the FCNR Deposit until its maturity. Upon maturity, the bank shall convert the FCNR (B) Deposit into a Resident Rupee Deposit Account or Resident Foreign Currency (RFC) Account, as outlined by the RBI.

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FCNR Deposit Interest Rates