Grow your Savings
in Foreign Currency

NRIs and PIOs with foreign earnings can open an FCNR (B) Fixed Deposit in permitted currencies.

FCNR (B) deposits can be opened for a minimum tenure of 1 year up to 5 years for USD, GBP, SGD, CAD & AUD currencies.

Interest earned is not taxable in India.

Yes, FCNR (B) deposit booked with original tenor of 12 months to < 36 months can be withdrawn before maturity.

• Before completion of 12 months: No interest will be payable and no penalty will be levied..
• After completion of 12 months: On premature withdrawal of the deposit, Interest shall be paid at the rate applicable, on the date of deposit booking, to the amount and period for which the deposit remained with the bank and no penalty will be levied

FCNR (B) deposit booked with original tenor of >= 36 months to <= 60 months deposit have a lock-in period of 12 months

• If such deposit is prematurely withdrawn after completion of the lock-in period, including partial withdrawal, interest shall be paid at the rate applicable, on the date of deposit booking, to the amount and period for which the deposit remained with the bank, less 1% penalty

You can apply FCNR (B) FD via Internet Banking, iMobile App, ICICI Bank Branch, Customer Care, or Wire Transfer.