Scribd
Upload
102 views2 pages

Interest Rates On FCNR Deposits

The document provides interest rates on Foreign Currency Non-Resident (FCNR) deposits for various foreign currencies and maturity periods. Rates are provided for deposits up to 1 million and above 1 million. Key notes specify that interest rates are subject to change, no interest is paid for withdrawals within 1 year, and interest is compounded every 180 days with the principal increased to include the earned interest. Terms and conditions are as per RBI guidelines.

Uploaded by

ashish
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
102 views2 pages

Interest Rates On FCNR Deposits

The document provides interest rates on Foreign Currency Non-Resident (FCNR) deposits for various foreign currencies and maturity periods. Rates are provided for deposits up to 1 million and above 1 million. Key notes specify that interest rates are subject to change, no interest is paid for withdrawals within 1 year, and interest is compounded every 180 days with the principal increased to include the earned interest. Terms and conditions are as per RBI guidelines.

Uploaded by

ashish
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 2

Interest Rates on Deposits

Foreign Currency Non-Resident (FCNR) Deposits

FCNR rates up to 1 million* (effective from August 10, 2023)


Period USD GBP EUR AUD SGD

1 Yr to < 2 Yrs 5.85% 4.45% 3.05% 4.00% 4.05%

2 Yrs to < 3 Yrs 5.30% 4.00% 2.65% 4.45% 3.25%

3 Yrs to < 4 Yrs 4.75% NA NA NA NA

4 Yrs to < 5 Yrs 4.95% NA NA NA NA

5 Yrs only 4.50% NA NA NA NA

FCNR rates above 1 million* (effective from March 2, 2023)


Period USD GBP EUR AUD SGD

1 Yr to < 2 Yrs 5.65% NA NA NA NA

2 Yrs to < 3 Yrs 4.50% NA NA NA NA

3 Yrs to < 4 Yrs 4.00% NA NA NA NA

4 Yrs to < 5 Yrs 4.00% NA NA NA NA

5 Yrs only 4.00% NA NA NA NA

Important Notes

* It may be noted that the interest rates threshold has been changed from 5 million to 1 million with
effect from March 05, 2021. Interest rates are subject to change at the sole discretion of the Bank.

• No interest will be paid if the FCNR Deposit is prematurely withdrawn within 1 year of deposit creation

Page 1 of 2
• The interest on FCNR deposits is compounded at intervals of 180 days each and thereafter for the
remaining actual number of days. The principal is increased to include the interest earned during the
previous 180 days.

• On premature withdrawal, Interest will be calculated at the applicable rate (on the date of placement
of deposit), for the period the deposit has run. Premature Withdrawal Penalty shall be Nil.
• In case of FCNR (B) deposits, calendar year is taken to consist of 360 days irrespective of whether it is a
leap year.

• Terms and conditions applicable to such deposits shall be as per the guidelines prescribed by Reserve
Bank of India (RBI) from time to time.

Page 2 of 2

You might also like