Deepika Kumari asked on 20/11/2020

Latest FCNR Deposit Interest Rates?

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SBNRI Team
answered on 20/11/2020

Latest FCNR Deposit Interest Rates

Latest FCNR Deposit Interest Rates

 

What is an FCNR Account?

A Foreign Currency Non-Resident (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.

 

 

Latest FCNR Deposit Interest Rates 2020

Banks

Interest Rate (>1 year <2 years) Maximum Interest Rate and Tenure
Federal 0.82%*

0.96%* (5 years)

SBM

2.21%* 2.91%* (5 years)
SBI 0.72%*

0.91%* (5 years)

Axis Bank

0.50%* 0.60%* (5 years)
ICICI 0.47%*

0.66%* (5 years)

Kotak

0.20%* 0.20%* (>1 year <2 years)
IDFC 2.21%*

3.22%* (>4 years <5 years)

IndusInd

2.21%* 2.24%* (>2 years <3 years)
DCB Bank 1.75%*

1.75%* (>1 year <2 years)

DBS Bank

0.47%*

0.66%* (5 years)

 

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 (20/11/2020). 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.

 

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 3.22%* 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

0.50%
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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