Esha Mathur asked on 23/03/2020

What is the minimum balance to open an FCNR Account in India?

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SBNRI Team
answered on 23/03/2020

Minimum balance for FCNR Account: USD 1000

 

Minimum balance to open an FCNR Account in India: 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.

 

Open FCNR Account

 

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.

 

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