Bank of India FCNR Rates 2023

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:

Bank of India FCNR Rates
Bank of India FCNR Rates

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 years5.00%4.25%0.02%0.55%0.99%2.60%
2 years to less than 3 years4.00%2.50%0.21%0.55%2.05%1.42%
3 years to less than 4 years3.35%2.55%0.36%0.54%2.27%1.78%
4 years to less than 5 years3.25%2.60%0.46%0.55%2.33%2.05%
5 years3.15%2.60%0.52%0.56%2.34%2.17%
Bank of India FCNR Rates 2023

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  • No interest will be paid if a deposit is withdrawn prematurely within twelve months from the date of deposit. 
  • If a deposit is withdrawn prematurely after remaining with the bank for more than 12 months, a penalty of 1% will be applicable from the date of deposit until the duration for which the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 WithdrawalApplicable Penalty
Before completion of 12 monthsNo interest shall be paid
12 months and above1%

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.

Flexible Tenure

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.

Tax Exemptions

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. 

CountryContact Information
UK0044-20-7965 25000044-20-7965 2403/2404
United States001212-753-6100
Singapore0065 62220011
Japan0081-3-3212 09110081-3-3212 3424
Dubai+971 43 273437+971 43 527292
France00331-4266-6049 / 4997 / 6047 / 6048 (Manager)
Bank of India NRI Customer Care

Contact SBNRI 

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.

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