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
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 31/03/2020
Yes. An NRI can have multiple demat accounts. The usage of these multiple demat accounts can be understood under the concepts of: Repatriation: NRIs must have separate demat accounts for repatriable (NRE) and non-repatriable (NRO) shares which means if you invest through your NRE account, the money you receive after selling the shares/stocks is completely […]
SBNRI Team
answered on 23/03/2020
There is only one Pan Card that is issued to all Indians. It doesn’t matter if they are a Resident or a Non Resident Indian (NRI). The term “NRI Pan Card” has just been coined by people to differentiate between the Pan Cards issued to Indian Residents and NRIs. Can NRIs have a PAN […]
SBNRI Team
answered on 01/03/2023
No, NRIs cannot deposit rupee in an NRE account because NRE Accounts are used to maintain the income earned in a foreign currency outside India. Permissible Credits in the NRE Account There are certain permissible credits in an NRE Account, which are: Inward remittance from outside India Interest earned on the money deposited in […]
