Fixed Deposits with Foriegn currencies in India with high returns

Foreign Currency Non Resident Account Deposit (FCNR)

With our FCNR Deposit scheme, you can hold your earnings in foreign currencies of your choice in India, that too with high returns. FCNR deposit account has a clear advantage that the customers' fund is protected from fluctuations in exchange rates. Moreover you can earn the interest on this deposit in the designated foreign currency.

Key Features

• Enables NRIs to protect their foreign currency earnings from any exchange rate fluctuation.
• High interest rates & 100 % tax free interest in India.
• Principal and Interest are freely repatriable. Ideal for those who wish to take back the maturity proceeds out of India.
• Nomination facility is available
• Facility to avail loan against FCNR deposits in Rupees or in Foreign Currency.
• FCNR accounts can be opened in any branches of Federal Bank
• Rupee advance against the Deposit can be availed up to 75% of the rupee equivalent of deposit
• Principal amount and Interest applied are freely repatriable.
• Choice of several periods of deposit
• Interest earned on FCNR deposit is exempt from Income Tax as far as the depositor is not Resident in India
• Deposit amount is exempted from wealth tax.
• Premature withdrawal of deposits is permitted at the discretion of customer. If withdrawn before completion of one year no interest is payable.

FCNR deposit can be opened for period 1 Year – 5 Year. Minimum deposit period to earn interest is 1 year

  No interest will be payable if the deposit is closed before completion of 1 Year.

  Note: FCNR deposits can be opened only as fixed deposits and not as savings or recurring deposits.

 Currencies accepted :

• US Dollars (USD)
• British Pound (GBP)
• Euro (EUR)
• Japanese Yen (YEN)
• Australian Dollar (AUD)
• Swiss Franc (CHF) 
• Canadian Dollar (CAD)
• Hong Kong Dollar (HKD)
• Singapore Dollar (SGD)

The interest on FCNR deposits should be paid on the basis of 360 days to a year.

Interest on FCNR (B) deposit is calculated and paid at intervals of 180 days each and thereafter for the remaining actual number of days.