IDBI Bank allows NRIs and OCIs to invest in FCNR fixed deposits in currencies like USD, GBP, EURO, AUD , CAD, HKD, SGD, CHF & JPY. One of the biggest advantages of investing in FCNR deposits is that this type of investment is insulated against currency fluctuations. Moreover, there is no tax on IDBI Bank FCNR rates in India and can be repatriated abroad without any restrictions.
Latest IDBI Bank FCNR Rates
Given below are the latest IDBI Bank FCNR rates for deposits up to USD 2 million or its equivalent in other currencies, effective from Aug 1, 2023:
| Term | USD | GBP | EUR | AUD | CAD | JPY | SGD | HKD | CHF |
|---|---|---|---|---|---|---|---|---|---|
| 1 year to < 2 years | 5.65% | 4.93% | 3.20% | 4.10% | 4.85% | 0.20% | 2.80% | 1.00% | 1.00% |
| 2 years to < 3 years | 5.00% | 4.55% | 2.20% | 4.10% | 4.55% | 0.20% | 2.75% | 1.00% | 0.21% |
| 3 years < 4 years | 4.61% | 4.00% | 2.00% | 4.05% | 4.52% | 0.20% | 1.55% | 1.00% | 0.00% |
| 4 years < 5 years | 4.41% | 3.50% | 2.00% | 4.10% | 4.20% | 0.10% | 0.55% | 1.00% | 0.00% |
| 5 years | 4.41% | 3.50% | 2.00% | 4.15% | 4.05% | 0.10% | 0.55% | 1.00% | 0.00% |
Note:
- Interest on FCNR deposits is subject to change each month as per the RBI guidelines.
- FCNR deposits closed prematurely in less than 1 year will not be eligible for interest rate.
- To deposit above USD 1 million or equivalent, you need to get in touch with a branch or NRI cell at [email protected]
Other Features
- NRIs can open an FCNR account by remittance from abroad or by fund transfer from an NRE account.
- Entire balance in FCNR deposits, including the principal and interest earned, can be freely repatriated abroad.
- Interest income from an FCNR account is exempt from income tax under the provisions of Income Tax Act in India.
- IDBI Bank FCNR deposit allows NRIs to invest in several currencies including USD, GBP, EURO, AUD , CAD, HKD, SGD, CHF & JPY.
Minimum Deposit in IDBI FCNR Account
NRIs can open an FCNR account with a minimum deposit of USD 1,000 or its equivalent in other currencies.
Penalty on Premature Withdrawal of IDBI Bank FCNR Deposit
- No penalty on premature withdrawal of FCNR deposit. However, no interest shall be paid on FCNR deposits closed prematurely in less than a year from the date of deposit of the fund.
- In case of premature withdrawal, interest will be paid at the contracted rate or the rate applicable for the period when the deposit remains with the bank, whichever is lower.
- Interest is credited at half-yearly intervals or the cumulative interest is credited on maturity of the fixed deposit.
- The deposit is renewed on maturity as per instructions.
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 complete the entire process in the comfort of your home. Also, visit our blog and YouTube Channel for more details.
