What is the minimum balance to open an FCNR Account in India?
SBNRI Team
answered on 23/03/2020
Minimum balance for FCNR Account: USD 1000
A Foreign Currency (Non-Resident) Account which is a term deposit account in USD, GBP, EUR, JPY, AUD, CAD, SGD, HKD, and others. The ‘term’ in a term deposit account is a fixed tenure of up to 12 months, 24 months, 36 months, 48 months or 60 months that can be opted by the NRIs at the time of account opening. The interest income is not taxable in India and both the principal amount as well as the interest are completely repatriable.
The minimum balance to open an FCNR Account in India is USD 1000. Watch video to explore the benefits of FCNR Account in India and opt for one today.
Most of the Top Banks opt for an Average Quarterly Balance (AQB) or Average Monthly Balance (AMB) to open an NRE/NRO Regular Savings Accounts while the minimum balance to open an FCNR Account in India is USD 1000. The average AQB/AMB of most of the top banks for opening an NRE/NRO Account is Rs.10,000/-:Minimum balance for NRE/NRO Account in India
Bank | NRE/NRO |
IndusInd (AQB) | Rs.10,000/- |
Federal (AMB) | Rs.5,000/- |
Kotak (AQB) | Rs.10,000/- |
| RBL (AMB) | Rs.10,000/- |
| ICICI (AMB) | Rs.10,000/- |
| HDFC (AMB) | Rs.10,000/- (Metro/ Urban branches) Rs.5,000/-(Semi-Urban/Rural Branches) |
SBI (AMB) | Rs.3,000/- (Metro/ Urban branches) Rs.2,000/-(Semi-Urban) Rs.1,000/- (Rural Branches) |
| DCB (AMB) | Rs.10,000/- |
AXIS (AMB) | Rs.10,000/- |
| SBM | 0 Balance |
IDFC (AMB) | Rs.25,000/- |
You can get in touch with experts at SBNRI to get specialized advisory on NRI Account Opening in India. Click on the button below to contact us and resolve your queries instantly. NRI Bank Accounts provide an opportunity to park your funds both generated abroad and in India and save taxes wherever applicable. You can also get in touch with us to sort your taxation in India.
Related Questions
Manoj Negi
answered on 17/08/2023
Latest FCNR Deposit Interest Rates (USD) August 2023 What is an FCNR Account? A Foreign Currency Non-Resident or FCNR Account is a term deposit account in India for an NRI. It can be maintained in foreign currencies such as USD, GBP, EUR, etc. for a fixed tenure ranging from 1 to 5 […]
SBNRI Team
answered on 10/03/2023
Can OCI have an NRI account? Yes, OCI can open NRE/NRO/FCNR accounts in India as they are entitled to similar benefits as NRIs. Here is an overview of the accounts for you to choose the best account as per your needs: Factors to consider Non Resident External (NRE) Account Non Resident Ordinary […]
SBNRI Team
answered on 16/11/2020
FATCA Details enables you to share your tax details with respect to your country of residence which includes your Tax Identification Number. The motive of FATCA is to prevent individuals from parking their wealth outside their resident country and avoid taxation from such wealth. Click on the button below to connect with our expert […]
SBNRI Team
answered on 30/03/2020
Nomination has some essential benefits for any savings or Fixed Deposit account. The benefits benefits of Nominees in an NRI bank account are: Ease of transfer of account ownership to nominee after the death of current owner Settlement of other claims after death of the account owner can be done by nominee No Dues certificates […]
