FCNR (B) Fixed Deposit Interest Rates

 

Stay updated with the latest interest rates on Foreign Currency Non-Resident Bank (FCNR)(B) Fixed Deposits designed to help NRIs grow their foreign earnings efficiently.

 

OPEN FCNR (B) DEPOSITS

 

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Premature withdrawal of FCNR (B) Deposit:

  • FCNR (B) deposit with original tenor of 12 months to < 36 months:

    • 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, for the amount and period for which the deposit remained with the bank and no penalty will be levied

  • FCNR (B) deposit with original tenor of >= 36 months to <= 60 months:

    • Deposits shall be subject to 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    • If such deposit is prematurely withdrawn after completion of the lock-in period, including partial withdrawal, interest shall be paid at the rate applicable, on the date of deposit booking, for the amount and period for which the deposit remained with the bank, after deducting 1% penalty.
  • Important Update: Effective Jun 01, 2023, FCNR Deposits will not be offered in HKD. Existing FCNR Deposits booked under HKD which are due for auto-renewal will not be auto-renewed. Please contact your Relationship Manager or call our Customer Care and submit instructions for maturity credits.

FCNR (B) FD FAQs

Are interest earnings from FCNR (B) taxable in India?

Interest earned on FCNR (B) Fixed Deposits is tax-free in India.

How are FCNR (B) Deposit interest rates calculated?

FCNR (B) deposit interest rates are calculated based on a 360-days calendar year. The interest is compounded every 180 days. Besides this, the rates are set by banks based on international benchmarks, the deposit currency, tenure and the bank’s internal pricing policies.

How is the interest rate determined for FCNR (B) deposits?

The FCNR (B) Deposit interest rates are determined based on the overnight or short-term benchmarks like SOFR/LIBOR*. This is for specific currencies and a spread set by the banks under the RBI guidelines.

*SOFR - Secured Overnight Financing Rate

LIBOR - London Interbank Offered Rate

Can interest rates change mid-tenure?

The interest rate is determined at the time of booking and it cannot change mid-term. Thus, the funds are also protected from market fluctuations.

Are FCNR (B) Deposit interest rates different for different currencies?

Yes. FCNR (B) Deposit interest rates vary by currency. Interest rates for deposits booked in USD differ from the rates applicable to GBP or AUD deposits at ICICI Bank. Please refer to the interest rate table above.

Do FCNR (B) Deposit interest rates change regularly?

FCNR (B) Deposit interest rates are fixed at the time of booking and remain unchanged throughout the deposit tenure. However, rates applicable to new FCNR (B) Deposits may be revised from time to time.

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Existing Savings Account Customer Open a new NRI Account

Note:

  • If you are an existing ICICI Savings Account holder, you can instantly open your FCNR (B) Deposit account by clicking ‘Existing Savings Account Customer’ button.
  • If you do not hold a Savings Account with ICICI Bank, you will need to open a Savings Account by clicking ‘Open a new NRI Account’ button.
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Apply Now

Existing Savings Account Customer Open a new NRI Account

Note:

  • If you are an existing ICICI Savings Account holder, you can instantly open your FCNR (B) Deposit account by clicking ‘Existing Savings Account Customer’ button.
  • If you do not hold a Savings Account with ICICI Bank, you will need to open a Savings Account by clicking ‘Open a new NRI Account’ button.
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