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Home > Accounts / Deposits > FCNR

FCNR [ Foreign Currency Non-Resident (B) ]

Accounts & Deposits
FCNR
NRE
NRO
RFC
FCNB Premium Account
Demat

Overview of FCNR Accounts:

  • Can be opened only by an NRI or jointly with other NRIs.
  • Nomination facility available (Nominee can be a resident Indian).
  • Deposits can be opened in US$, Euro, Sterling Pounds, Canadian Dollars, Australian Dollars and Japanese Yen.
  • Deposit can be made for a minimum of 1 year and a maximum of 5 years.
  • Minimum deposit USD 1000 or equivalent.
  • Both principal and interest are payable in foreign currency. Hence, there is no exchange loss on principal and interest.
  • Premature withdrawal is subject to a penal interest of 1%.
  • No interest is payable if the deposit is closed within a year.
  • Rupee loans can be taken in India against the security of the deposit.
    • By the depositor(s)
    • By third parties
  • Foreign currency loans can be availed at select SBI branches abroad against the security of FCNR deposits.
  • Interest earned on FCNR accounts is exempt from Indian income tax.

To open an FCNR account with a branch in India:

  1. Click here to download the account opening form.
  2. Fill up the account opening form and send it to the branch of your choice with the following documents:
    • Two passport size photographs attested by you.
    • Passport & Residence Visa / ID Card Copies duly attested by Banker / Notary Public / Indian Embassy / A person known to the bank.
    • Initial remittance.
    • Signature in the account opening form, verified by any one of the following persons / entities:
      • Indian Embassy / Consulate / High Commissioner.
      • Your bank abroad.
      • A person known to the bank.
      • Notary Public.
  3. Enclosures (any two of the following):
    • Cheque drawn on bank account abroad.
    • Latest Overseas Bank statement in original.
    • Copy of Telephone / Electricity Bill.
    • Cancelled paid cheque of your overseas bank A/c.
    • Copy of proof of drawing income / Employee ID / Labour Card.

Interest Rates:

Click here for Interest Rates.

Other Facilities:

  • International Debit Card.
  • Internet banking.
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