Foreign Currency Non-Resident Bank (FCNR)(B) Deposit for NRIs

An FCNR (B) Fixed Deposit is a foreign currency deposit available to NRIs, PIOs and OCIs. It allows you to hold your foreign currency deposits in India in 5 currencies - USD, GBP, SGD, CAD, AUD. Interest earned is exempt from tax in India and the funds (principal + interest) are fully repatriable.

An FCNR (B) Deposit at ICICI Bank offers multiple benefits. Your funds earn interest in the same currency you invest in, protecting you from exchange rate risk. Interest is tax-free in India. You can avail an overdraft against your FCNR (B) Deposit, subject to terms and conditions.

ICICI Bank offers FCNR (B) Deposits in 5 currencies: USD, GBP, SGD, CAD, AUD. You may choose the currency that best matches your foreign savings. This makes ICICI Bank one of the preferred options for FCNR (B) Deposit in India, since we offer multiple currency options.

An FCNR (B) Deposit in India is suitable for NRIs, PIOs and OCIs with foreign currency earnings. If you want to grow your overseas savings without exchange rate risk and earn tax-free interest in India, opening an FCNR (B) FD with ICICI Bank is a great option.

Flexible tenures are as below –

USD: 1 to 5 years
GBP, CAD, SGD, AUD: 1 to less than 3 years

Interest earned on FCNR (B) Deposits is not taxed in India.

Yes, FCNR (B) Deposits can be withdrawn before maturity.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 will be paid at the rate applicable on the date of Deposit booking, for the amount and period for which the Deposit remained with the bank. No penalty will be levied.

Please Note:

FCNR (B) Deposits booked from Jun 11, 2026 to Aug 31, 2026 with tenure of >= 36 months to <= 60 months have a lock-in period of 12 months. If such a Deposit is prematurely withdrawn after completion of the lock-in period, interest will be paid at the rate applicable on the date of Deposit booking, for the amount and period for which the Deposit remained with the Bank, after deducting 1% penalty.

FCNR (B) Deposits can be easily opened through Net Banking or iMobile (NRI version) from anywhere in the world. You may also book the FCNR (B) deposits via Wire Transfer.

Mandatory details to book an FCNR (B) Deposit via Wire Transfer –

• Customer ID: Customer ID for which the Deposit is to be created.
• Deposit Currency: USD, GBP, AUD, CAD, SGD
• Minimum Deposit Amount: USD & GBP – 1,000 foreign currency units; AUD, CAD and SGD – 2,000 foreign currency units
• Tenure: Specify the desired deposit tenure. If not specified, FCNR (B) Deposit will be booked for a default tenure of 1 year and 1 day.
• Interest Payout: Specify the interest payout option – Traditional or Cumulative. If interest payout option is not specified while initiating wire transfer, the FCNR (B) Deposit will be booked as a Cumulative Deposit.
  • Traditional - Interest is paid out half-yearly and is calculated as Simple Interest.
  • Cumulative - Interest is compounded half-yearly and paid on maturity along with the principal.