Non-Resident Indians can invest in IDFC Bank FCNR deposits to earn higher returns in India than their overseas accounts. IDFC First Bank offers FCNR fixed deposits in five currencies – United States Dollar (USD), Great Britain Pound (GBP), Euro (EUR), Australian Dollar (AUD) and Singaporean Dollar (SGD). Listed below are the latest IDFC First Bank FCNR rates:
IDFC FCNR Rates 2023
Here are IDFC First Bank FCNR rates for a deposit up to 1 million w.e.f. 10 August 2023:
| Period | USD | EUR | GBP | AUD | SGD |
|---|---|---|---|---|---|
| 1 year to 2 years | 5.85% | 3.05% | 4.45% | 4.00% | 4.05% |
| 2 years to 3 years | 5.30% | 2.65% | 4.00% | 4.45% | 3.25% |
| 3 years to 4 years | 4.75% | NA | NA | NA | NA |
| 4 years to 5 years | 4.95% | NA | NA | NA | NA |
| 5 years only | 4.50% | NA | NA | NA | NA |
IDFC First Bank FCNR Rates above 1 million
Here are IDFC First Bank FCNR rates for a deposit above 1 million w.e.f. 10 August 2023:
| Period | USD | EUR | GBP | AUD | SGD |
|---|---|---|---|---|---|
| 1 year to 2 years | 6.00% | NA | NA | NA | NA |
| 2 years to 3 years | 4.50% | NA | NA | NA | NA |
| 3 years to 4 years | 4.00% | NA | NA | NA | NA |
| 4 years to 5 years | 4.00% | NA | NA | NA | NA |
| 5 years only | 4.00% | NA | NA | NA | NA |
Note:
- The above rates are applicable from Aug 10, 2023
- Interest will be paid on deposits completing at least 1 year.
FCNR (B) deposit premature withdrawals
- No interest shall be paid on FCNR deposit closed prematurely within 1 year of deposit creation
- The interest is compounded at 180-day intervals each and thereafter for the remaining actual number of days. Hence the interest earned during these 180 days is added to the principal.
- In case of premature withdrawal, interest will be calculated at the applicable rate decided when at the time of placement of deposit, for the period the deposit has run. No premature withdrawal penalty shall be applicable.
- Calendar year for IDFC Bank FCNR deposits consists of 360 days irrespective of whether it is a leap year.
- Terms and conditions applicable to FCNR fixed deposits shall be as per the guidelines prescribed by Reserve Bank of India (RBI) from time to time.
IDFC Bank FCNR account features and benefits
- Flexible tenure: You enjoy the freedom of choosing deposit tenure ranging from 1 year to 5 years.
- Earn higher interest: Latest FCNR FD rates are up to 6.00% p.a.
- Exempt from tax: FCNR deposits are exempt from tax liability in India.
- Fully repatriable to overseas: Principal amount and interest earned are fully repatriable.
Eligibility for IDFC First Bank FCNR Deposit
The following individuals are eligible for Foreign Currency Non-Resident Accounts:
- Non-resident Indians, or
- Indian nationals employed as mariners or working on oil rigs or foreign registered airlines
- Overseas citizens of India/ Person of Indian origin
SBNRI is an online one-stop platform for expert services and advisory on all major NRI specific aspects including NRI FD schemes.
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.
