Lucrative Returns on Investment
Earn high interest rates of 5.15%* p.a. on your FCNR(B) deposits. Click here for Interest Rates
Flexible Account Tenure
Decide on a duration ranging from 1 year to 5 years, as per your requirement
Available Currencies
Book your FCNR(B) deposit in 4 major currencies – USD, EURO, GBP & CAD
Tax Benefits
Principal and interest earned are 100% tax free
Hassle-Free Renewal
Automatic renewal of your principal and interest on maturity
Additional Interest Benefits
Interest for deposit is compounded every six months (180 days)
Full Repatriation
Both the principal amount and the interest earned are fully and freely repatriable
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Portfolio Diversification
Investing in FCNR(B) deposits allows you to diversify your investment portfolio across different currencies
No Cap on Deposits
There is no upper limit on the amount of FCNR(B) deposit
No Currency Conversion Costs
The deposits are maintained in foreign currencies; hence no cost is associated with currency conversion
Nomination Facility
Nominate a beneficiary to claim the interest and earnings from your regular Fixed Deposit in case of an unfortunate event.
No Premature Withdrawal Charges
Withdraw your fund whenever you want with no charges on premature withdrawal of your deposit
Things to know
Eligibility criteria
The individual must be a Non-Resident Indian (NRI) as per FEMA definition
How to book a FCNR(B) Deposit?
Simply fill in the form and send the scanned copy at nriservices@aubank.in. Click here for the form
How can you transfer your funds to book FCNR(B) deposit?
Funds can be transferred from your AU NRE account or any foreign currency account outside India. Upon fund transfer from your NRE account, the amount transferred will be converted into the foreign currency at prevailing exchange rates and deposited in foreign currency equivalent.
How to book FCNR(B) deposit through Wire Transfer?
- Place wire transfer instructions to your overseas bank
- Mention Customer ID in Beneficiary Account number field and mention tenure details/ FCNR creation in SWIFT remarks
- For more details on wire transfer refer swift and bic
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Expanding by every quarter, with a balance sheet of over ₹1 lakh crore.
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FAQs
What is the minimum amount to book FCNR(B) deposit?
The minimum amount is 500 in any currency.
What is the tenure for which I can open an FCNR(B) Deposit?
You can maintain an FCNR deposit for a tenure ranging from 1 year to 5 years.
What will happen to my FCNR(B) deposit once it matures, and I forget about it?
The FCNR(B) will be renewed automatically, to ensure you keep on earning attractive interest rates. However, if account is opened under non-auto renewal mode, you must give us written maturity instructions.
Will I get a Cheque Book and an ATM-cum-Debit Card when I open an FCNR(B) Deposit?
No, you will not get a cheque book or an ATM-cum-debit card with your FCNR(B) Deposit.
Can I close my FCNR(B) Deposits prematurely?
You can close your FCNR(B) Deposits before the due date. However, no interest will be payable if deposit withdrawn within 1 year from the booking date.
Can I transfer the FCNR(B) FD closure proceeds to a third-party account?
FCNR(B) deposit closure proceeds need to be transferred to an account where the FCNR (B) FD holder is a primary applicant.
Can I appoint a mandate holder for my FCNR(B) Deposits account?
No, a mandate holder can be appointed only for operating savings account.
Can I have a Nominee for my FCNR(B) Deposits?
Yes, you can register a nominee for this account.
Can I transfer funds from my existing NRO account to open FCNR(B) Deposit?
No, NRO funds cannot be used to create FCNR(B) deposit.
