Bank of India offers FCNR accounts that serve as an excellent investment avenue for Non-Resident Indians (NRIs) looking to earn attractive returns on their foreign currency deposits. These deposits are available in major currencies including USD, GBP, EUR, JPY, AUD and CAD. The Bank of India FCNR rates vary depending on the currency and tenure of the deposit.
You can book FCNR fixed deposit online by clicking the link below:
What is a FCNR Account?
An FCNR account is a fixed deposit account denominated in foreign currency that allows NRIs and OCIs to effectively manage their savings in India. Hence, NRIs can deposit their foreign earnings at a RBI-approved bank without converting the currency into INR (Indian Rupees). FCNR deposits are considered as one of the best investment options for NRIs in India.
Bank of India FCNR Rates 2023
Given below are the Bank of India FCNR interest rates that are effective from the date of 1 May 2023.
|1 year to less than 2 years||5.00%||4.25%||0.02%||0.55%||0.99%||2.60%|
|2 years to less than 3 years||4.00%||2.50%||0.21%||0.55%||2.05%||1.42%|
|3 years to less than 4 years||3.35%||2.55%||0.36%||0.54%||2.27%||1.78%|
|4 years to less than 5 years||3.25%||2.60%||0.46%||0.55%||2.33%||2.05%|
NOTE- Bank of India FCNR FD rates are subject to periodic changes as per the RBI guidelines.
Bank of India FCNR (B) Deposit Premature Withdrawals
- The Bank of India permits premature withdrawals of FCNR (B) deposits, but subject to certain rules. The bank imposes penalties for premature withdrawals based on the duration of the deposit.
- No interest will be paid if a deposit is withdrawn prematurely within twelve months from the date of deposit.
- If a deposit is withdrawn prematurely after remaining with the bank for more than 12 months, a penalty of 1% will be applicable from the date of deposit until the duration for which the deposit remained with the bank.
|Premature Withdrawal||Applicable Penalty|
|Before completion of 12 months||No interest shall be paid|
|12 months and above||1%|
Features & Benefits of Bank of India FCNR Deposits
Listed below are the features and benefits of Bank of India FCNR deposits:
Multiple Currency Options
The Bank of India provides FCNR (B) deposits in various currencies, such as USD (US Dollar), GBP (Pound Sterling), EUR (Euro), JPY (Japanese Yen), AUD (Australian Dollar) and CAD (Canadian Dollar). This protects your deposit from currency exchange rate risks.
The bank offers flexible tenure options for FCNR (B) deposits, ranging from 1 year (12 months) to 5 years (60 months). This allows you to choose a tenure that aligns with your investment objectives.
The principal amount and interest earned on FCNR deposits are exempt from taxation in India. This means you can maximize your earnings without any tax liabilities.
Repatriation of Funds
Bank of India FCNR deposits enable NRIs to repatriate their funds, including both principal and interest, outside India without any restrictions.
Joint Account and Nomination Facility
Bank of India offers the joint account and nomination facility.
Eligibility for Bank of India FCNR Deposit
- Non-resident Indians (excluding individuals/entities from Nepal and Bhutan).
- Individuals/entities of Pakistani/Bangladeshi nationality/ownership are required to obtain prior approval from the Reserve Bank of India (RBI).
Bank of India NRI Customer Care
This table given below shows countries along with their respective customer care contact information.
|UK||0044-20-7965 25000044-20-7965 2403/2404|
|Japan||0081-3-3212 09110081-3-3212 3424|
|Dubai||+971 43 273437+971 43 527292|
|France||00331-4266-6049 / 4997 / 6047 / 6048 (Manager)|
SBNRI is an online one-stop platform for NRIs and OCIs. To get end to end assistance with booking of FCNR(B) Fixed Deposits, you can connect with our expert using the button at the end of the article. You can also browse through the NRI Account Opening grid that we have prepared specially for NRIs and get expert advisory and assistance seamlessly and complete the entire process in the comfort of your home. Also, visit our blog and YouTube Channel for more details.