Latest FCNR Deposit Interest Rates?
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 years. The interest is earned in foreign currency and the income is not taxable in India. Both the principal amount as well as the interest earned on the deposits are freely and completely repatriable.
Also Read: FCNR Deposit for NRIs: Everything you need to know
Latest FCNR Deposit Interest Rates (USD) 2023
Banks | Interest Rate (>1 year <2 years) | Interest rate for Maximum Tenure (5 Years) |
| Federal | 5.50% – 5.90%* | 3.40% – 3.40% (5 years) |
| 6.1%* | 5.7%* (5 years) | |
| SBI | 5.60%* | 4.15%* (5 years) |
| 5.60%* | 4.10%* (5 years) | |
| ICICI | 5.55%- 5.85% | 3.75%* (5 years) |
| 5.70% | 3.50%* (5 years) | |
| IDFC First Bank | 5.85%* | 4.50%* (5 years) |
| 5.85% | 4.90% (5 years) | |
| DCB Bank | 5.75%* | 3.50%* (5 years) |
RBL Bank | 5.70% | 5.70% |
Note: The FCNR Deposit Interest Rates update every month. We track the updates and present them here for you in the table above. The table was last updated on (17/08/2023). To check the interest rates in real time, just click on the name of the bank in the table. You’ll be guided to the rate explorer page of the respective bank chosen.
FCNR interest rates by top banks
Indian banks are offering much higher FCNR interest rates vis-à-vis term deposits in other countries. Following are the latest FCNR interest rates offered by top Indian banks:
SBI FCNR Rates
SBI FCNR Rates for deposits made in currencies, including USD, GBP, EURO, CAD and AUD, are listed below:
| Tenure | USD | GBP | EUR | CAD | AUD |
| 1 Year | 5.60% | 4.75% | 1.50% | 4.50% | 3.60% |
| Above 1 year to less than 2 years | 5.60% | 4.75% | 1.50% | 4.50% | 3.60% |
| 2 years to less than 3 years | 4.30% | 2.35% | 1.50% | 4.10% | 3.50% |
| 3 years to less than 4 years | 4.05% | 2.45% | 1.50% | 3.85% | 3.00% |
| 4 years to less than 5 years | 4.10% | 2.45% | 1.50% | 3.90% | 3.00% |
| 5 years | 4.15% | 2.45% | 1.50% | 3.95% | 3.00% |
HDFC FCNR Rates
Listed below are HDFC FCNR Rates in 2023 for deposits made in different currencies.
| Tenure/Currency | GBP | USD | Euro | JPY | AUD | CAD |
|---|---|---|---|---|---|---|
| 1 year | 5.40% | 5.60% | 3.30% | 0.01% | 4.20% | 4.80% |
| 1 year to less than 2 years | NA | 4.95% | N/A | N/A | 4.20% | 4.65% |
| 2 years to less than 3 years | NA | 4.60% | N/A | N/A | 4.30% | 4.40% |
| 3 years to less than 4 years | NA | 4.40% | N/A | N/A | 4.25% | 4.10% |
| 4 years to less than 5 years | NA | 4.10% | N/A | N/A | 4.30% | 4.00% |
| 5 years | NA | 4.10% | N/A | N/A | 4.30% | 4.00% |
ICICI Bank FCNR Rates 2023
Revised ICICI FCNR rates are listed below: ICICI Bank FCNR Deposit Rates 2023
| Tenure/currency | USD | GBP | CAD | AUD | SGD |
|---|---|---|---|---|---|
| 12 months | 5.85% | 5.50% | 4.75% – 4.80% | 4.25% | 3.50% |
| >= 12 months < 15 months | 5.00% | 5.00% | 4.50% | 4.00% | 3.50% |
| >= 15 months < 2 years | 4.75% | 5.00% | 4.25% | 4.00% | 3.25% |
| >= 2 years < 3 years | 4.25% | 4.75% | 3.75% | 3.75% | 3.00% |
| >= 3 years < 4 years | 4.00% | NA | NA | NA | NA |
| >=4 years <5 years | 3.75% | NA | NA | NA | NA |
| 60 months | 3.75% | NA | NA | NA | NA |
Why choose FCNR Deposits over banks in the USA?
The FCNR Deposits in India provide a better opportunity to generate returns much greater than what you can generate in the USA as an NRI. The national average interest rate on savings accounts in the USA stands at 0.05% APY whereas in India you can generate much higher returns with the FCNR Deposits with up to a 6.00%* interest rate on deposits.
Check out the Interest Rates in some of the top banks in the USA and compare them with the FCNR Interest Rates of the banks in India from the table above.
Banks | Interest Rates |
| Citibank | 0.70% |
Marcus by Goldman Sachs | 0.50% |
| Bank of America | 0.01% |
Capital One | 0.40% |
| Wells Fargo | 0.01% |
Click on the button below to instantly book an FCNR Deposit at the comfort of your homes and generate better returns on your funds.
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