FCNR Fixed Deposit Account FAQs

An FCNR (B) Fixed Deposit is a secure foreign currency deposit offered by ICICI Bank to Non-Resident Indians, OCIs and PIOs. It allows you to invest your foreign earnings in approved international currencies while protecting your funds from exchange rate fluctuations. The principal and interest remain in the same foreign currency throughout the tenure, ensuring complete insulation from INR volatility along with attractive, fixed returns.

An RFC (Resident Foreign Currency) Deposit is designed for returning NRIs who wish to retain and earn interest on their foreign currency earnings after moving back to India. These deposits help maintain savings in international currencies, offer liquidity during resettlement, and provide flexibility for future re-designation if you become NRI again. RFC deposits work as a convenient bridge between global and domestic financial planning.

ICICI Bank allows FCNR (B) deposits to be opened in widely accepted global currencies such as:

• USD
• GBP
• AUD
• CAD
• SGD

These currencies ensure global accessibility while safeguarding your savings from rupee depreciation risks.

FCNR (B) deposits can be opened for a minimum tenure of 1 year up to 5 years, offering flexibility based on your financial goals.
RFC deposits typically offer tenures ranging from 1 month to 3 years, enabling returning NRIs to manage their foreign currency earnings comfortably during their transition period in India.

No. Interest earned on FCNR (B) deposits is completely tax-free in India as long as your NRI status is maintained. This makes FCNR (B) a highly efficient foreign currency investment. However, tax implications may apply in your country of residence based on local regulations.

Yes. Both the principal and interest on FCNR (B) deposits are fully repatriable without restrictions. This allows NRIs to freely move their funds back to any overseas bank account upon maturity or premature closure, making FCNR (B) one of the most flexible international deposit products.

FCNR (B) deposits can be opened by NRIs, OCIs and PIOs using foreign currency remittances or transfers from NRE/FCNR accounts.
RFC deposits can be opened only by returning NRIs who have become residents of India and wish to retain foreign currency earned abroad. Eligibility is governed by FEMA guidelines.

• FCNR (B): Meant for NRIs; fully repatriable; interest tax-free; funds remain in foreign currency.
• RFC: Meant for returning NRIs; interest taxable; repatriation depends on residency status; ideal for holding foreign currency post-return.
  Both products offer foreign currency protection but cater to different residency needs.

Yes. FCNR (B) deposits can be easily opened through Internet Banking or iMobile Pay (NRI version) from anywhere in the world. You may fund the deposit using foreign remittances or balances in your NRE/FCNR accounts, ensuring a smooth and entirely digital experience.

Yes. You can add or update nominees for both FCNR (B) and RFC deposits. Nomination ensures quick and hassle-free settlement of funds to the beneficiary in case of an unforeseen event, providing peace of mind and smooth financial continuity.

Opening an RFC deposit requires:

• Passport copy
• Expired VISA
• Proof of having returned to India (immigration stamp / employment end letter)
• Foreign currency earning documents (if applicable)
• Indian address proof
• KYC documents
  These ensure your deposit is correctly classified under the Resident Foreign Currency category.

For FCNR (B) deposits — Yes. Overseas address proof (utility bill, residence permit, foreign bank statement) is mandatory since the account is for NRIs.
For RFC deposits — No, as the customer is now a resident. However, foreign address proofs may be needed to validate your previous NRI status.

Generally, no separate proof is required beyond the foreign remittance received through banking channels. However, for compliance checks, the Bank may request remittance details or SWIFT copies to confirm the source of funds.

Yes. All joint holders must complete full KYC with passport, address proofs, and NRI/resident status documents. Joint holding rules differ for FCNR (B) and RFC, and each applicant must meet FEMA eligibility norms.

To open an FCNR (B) deposit, you need:

• A valid passport copy
• Visa / work permit / residency permit
• Overseas address proof
• Copy of NRE/FCNR account details
• FATCA/CRS declaration
  These help confirm your NRI status and ensure full compliance with FEMA and KYC norms.

FCNR (B) interest rates are linked to overnight and short-term LIBOR/SOFR benchmarks for each currency. Rates are fixed at the time of booking and remain unchanged for the selected tenure, providing clarity and consistency in returns.

No. Once booked, interest rates remain fixed throughout the deposit’s tenure, regardless of global currency market fluctuations. This ensures your deposit earns predictable returns.

• FCNR (B): Interest is tax-free in India; no TDS is deducted.
• RFC: Interest is taxable as per applicable Indian tax laws since the depositor is now a resident.
  Customers should also check tax applicability in their country of residence.

No. Renewing an FCNR (B) or RFC deposit is free of charge. You may choose to renew both the principal and interest or alter the tenure based on current goals.

No. ICICI Bank does not levy any account opening charges for FCNR (B) or RFC deposits. Your entire contribution remains invested and begins earning interest from the date of deposit.

You may borrow up to 85% of the deposit value, subject to Bank policy. This includes both principal and accumulated interest for the tenure completed. The exact limit depends on currency type and tenure.

Yes. Your FCNR (B) or RFC deposit continues to earn interest at the contracted rate even if you have taken a loan or overdraft against it. The deposit remains intact and the loan is secured through a lien.

Yes. Loans against RFC deposits are permitted, usually in INR. These are especially useful for returning NRIs who need liquidity during their transition phase in India without converting foreign currency prematurely.

Loans taken against FCNR (B) deposits must comply with FEMA regulations. The loan amount may be repatriable or non-repatriable based on account nature, purpose and currency. RFC deposit-linked loans follow domestic residency rules.

Yes. ICICI Bank offers overdraft or loan facilities against FCNR (B) deposits. This allows you to meet short-term liquidity needs without breaking the deposit. Loans may be availed in INR or foreign currency depending on the regulations and product structure.

While interest rates for RFC deposits are generally uniform for all eligible customers, returning NRIs may receive additional benefits under certain relationship categories such as NRI Pro, Wealth Management or Private Banking. These benefits may include priority service, faster processing or curated transition support during relocation to India.

Yes. Booking through ICICI Bank Internet Banking or iMobile Pay may offer advantages such as instant booking confirmation, faster processing, seamless documentation and access to exclusive digital campaigns. This ensures a secure, convenient and paperless experience for both NRI and returning resident customers.

ICICI Bank may introduce special promotional interest rates or limited-period offers on select FCNR (B) currencies or tenures. These campaigns are usually aligned with global rate movements or festive seasons to provide enhanced value to NRI customers. Customers are advised to check the Bank’s digital channels or speak with their Relationship Manager for the latest offers.

• Joint holding rules differ as follows:

  • FCNR (B): Joint holding is permitted only with another NRI/OCI/PIO. A resident Indian cannot be a joint holder.
  RFC: Can be held jointly with a resident relative (as per FEMA guidelines) on a “former or survivor” basis.
  These rules ensure compliance with FEMA requirements.

Yes. You may set auto-renewal instructions for both the principal and interest portions at the time of booking. On maturity, the deposit gets renewed for the same tenure at the prevailing interest rate. Auto-renewal helps ensure uninterrupted earnings without needing active intervention.

No. The tenure selected at the time of opening the FCNR (B) or RFC deposit cannot be changed during the deposit period. If you need a different tenure, the existing deposit must be closed prematurely and rebooked, subject to applicable rules.

No. Partial withdrawals are not allowed under FCNR (B) or RFC deposits. If you need funds prior to maturity, you must close the deposit prematurely, in which case interest may be reduced depending on the tenure completed.

Yes. Nomination facilities are available for both FCNR (B) and RFC deposits. You can add or update nominee details at the time of booking or anytime during the deposit tenure. Nomination helps ensure smooth, quick settlement of funds to your chosen beneficiary in case of unforeseen events.

RFC deposits enable returning NRIs to retain foreign currency earnings even after becoming residents of India. Key benefits include:

• Ability to hold funds in major foreign currencies
• Ideal for transition planning after returning to India
• Flexibility to repatriate funds if NRI status is regained
• Interest earnings in foreign currency
  It serves as a bridge product between international income and domestic financial needs.

In an FCNR (B) deposit, both your principal and interest remain entirely in the same foreign currency. There is no conversion to INR, which fully protects your investment from rupee depreciation. This ensures stable returns irrespective of fluctuations in the currency markets.

Yes. FCNR (B) and RFC deposits are governed by RBI regulations, offer capital protection, and ensure fixed interest returns. They do not carry market-linked risks or currency volatility risks (for FCNR). This makes them more secure and predictable compared to equities, mutual funds, or currency-exposed portfolios.

FCNR (B) deposits offer several advantages including:

• Protection from INR currency fluctuations
• Tax-free interest in India
• Full repatriability of principal and interest
• Assured, fixed returns

Availability in multiple global currencies
These benefits make FCNR (B) a highly stable and efficient investment option for NRIs seeking foreign currency growth with minimal risk.

Yes. FCNR (B) deposits can be funded through foreign inward remittances sent directly from your overseas bank account via SWIFT/TT transfer. This ensures regulatory compliance and smooth credit into your deposit.

FCNR (B) deposits earn cumulative interest which is paid at maturity along with the principal. Monthly or quarterly payouts are generally not available due to foreign currency regulations. RFC deposits may offer flexible payout options depending on the chosen structure and tenure.

Yes. For FCNR (B), both principal and interest are fully repatriable and may be credited to any overseas bank account upon maturity.

For RFC deposits, repatriation depends on your residency status at the time of closure.

No. Once booked, the currency of an FCNR (B) or RFC deposit cannot be changed mid-tenure. If you need to invest in a different currency, you must open a new deposit in your preferred currency.

Funds for FCNR (B) deposits can be contributed via:

• Foreign inward remittances
• Transfers from existing NRE/FCNR accounts
• Conversion of existing deposits upon maturity
  Funds for RFC deposits are typically contributed from:
• Foreign currency brought into India
• Remittances received after returning to India
  All contributions must comply with FEMA guidelines.

If the deposit is closed prematurely, interest will be recalculated based on the actual period the deposit remained with the Bank. If withdrawn within 1 year, FCNR (B) deposits generally do not earn any interest. For closures after 1 year, reduced interest rates may apply.

Premature withdrawal of RFC deposits may result in reduced interest being paid for the completed tenure. Penalties or adjustments follow standard FCNR/RFC withdrawal guidelines and are clearly communicated at the time of booking.

The payout consists of:

• The principal amount in the original currency
• Interest applicable for the period completed (if eligible)
• Less any premature withdrawal penalties
  Exchange rates do not affect FCNR (B) payouts since the amount remains in foreign currency.

No. FCNR (B) deposits do not allow monthly or quarterly interest payout due to foreign currency regulations. Interest is paid only on maturity in the same currency of the deposit. RFC deposits may offer flexible interest payout options depending on the tenure selected, but they cannot function as EMI-style monthly income streams. Customers seeking regular monthly inflows may convert maturity proceeds into a resident fixed deposit with a monthly interest payout option.

FCNR (B) and RFC deposits cannot be directly linked to recurring EMIs or bill payments. However, they can be pledged as collateral to avail a loan or overdraft. The loan account can then be used for payments or EMIs as needed.
This enables liquidity without liquidating the foreign currency deposit and ensures the FD continues to earn interest.

Both FCNR (B) and RFC deposits support loans, but with some differences:

• FCNR (B): Loans can be availed in INR or foreign currency, subject to FEMA restrictions. Repatriation rules apply.
• RFC: Loans are usually offered in INR since the depositor is now a resident.
  In both cases, the FD continues to earn full interest while the loan remains active.

Yes. Premature closure is permitted for both FCNR (B) and RFC deposits. However, the interest payable will depend on the tenure completed. If closed before the minimum required period (typically 1 year), no interest may be payable.

If a remittance fails or is rejected due to incorrect currency or compliance concerns, the funds are returned to the originating account through standard banking channels. If the deposit was not successfully created, no amount is deducted from your account. You may be asked to provide remittance advice or SWIFT details for reconciliation.

If a booking fails after debit, the amount is automatically credited back to the source account—NRE, FCNR, RFC or overseas bank account—depending on the origin of funds. Refunds occur in the same currency used during the transaction.

No. FCNR (B) and RFC deposits are maintained in a single currency throughout the tenure. To invest in another currency, you must open a separate deposit. This helps manage currency-wise financial planning and reduces forex risks.

No. FCNR (B) and RFC deposits do not allow additional funds to be added once the deposit is created. If you wish to invest more, you can simply open a new deposit in the desired currency and tenure.
This helps maintain clarity on interest calculations and ensures each deposit is tracked independently.

Yes. You can set auto-renewal instructions for FCNR (B) and RFC deposits at the time of opening or anytime during the tenure. The deposit gets renewed for the same tenure at the prevailing interest rate unless instructions are modified before maturity.

• If NRI becomes Resident:
• FCNR (B) deposit may be continued until maturity and then converted to RFC or resident FD.
• Tax implications change from date of residency.
• If Resident becomes NRI again:
• RFC deposits can be converted into NRE/FCNR deposits.

Updating residency status with the Bank is mandatory for compliance.

Legal heirs or nominees must submit:

• Death certificate
• KYC documents
• Claim form
• Relationship proof (if applicable)
  After verification, the deposit amount is released in the same currency or converted to INR depending on regulatory requirements. ICICI Bank ensures quick and secure settlement of nominee claims.

• FCNR (B): Full repatriation of both principal and interest allowed.

RFC: Repatriation permitted if the account holder becomes NRI again.
For residents holding RFC accounts, repatriation follows FEMA rules.

At maturity, the principal and interest are paid in the same currency as the deposit. You may choose to:

• Renew the deposit for a new tenure
• Transfer funds to your NRE/NRO/RFC account
• Repatriate (for FCNR) or retain funds in foreign currency (for RFC)
  Maturity details are displayed on your Internet Banking dashboard for easy planning.

You can verify deposit details through:

• Internet Banking
• iMobile Pay
• Deposit advice or confirmation email
• Relationship Manager or branch support
  These platforms display the currency, tenure, rate, and maturity value in real time.

Yes. FCNR (B) and RFC deposits can be safely booked online through encrypted sessions, OTP authentication, multi-factor login and digital verification. ICICI Bank follows global cybersecurity standards to ensure your financial data remains secure.

Immediately contact ICICI Bank Customer Care or your Relationship Manager. The Bank will take urgent steps such as blocking transactions, reviewing account activity and ensuring your deposit remains protected. Monitoring transaction alerts regularly is recommended.

Yes. FCNR (B) and RFC deposits are covered under DICGC insurance up to ₹5 lakh per depositor per bank (after conversion to INR). This provides an added layer of safety alongside RBI’s regulatory framework.

You can update your email ID, phone number or overseas address through Internet Banking or by submitting updated KYC documents digitally. Keeping your details current ensures timely communication regarding renewals, interest payouts and compliance needs.

Yes. You can modify nominee details at any time by submitting a nominee updation request through digital or branch channels. Changes take effect once updated in Bank records.

Yes. You can download FCNR/RFC deposit statements, interest certificates, maturity advices and renewal confirmations through Internet Banking. These documents assist with financial planning and international tax reporting.

You can view all details including currency, balance, interest rate, maturity date and renewal instructions through:

• iMobile Pay (NRI/RM version)

Internet Banking
These platforms offer complete visibility and control over your deposit portfolio.

Yes. While FCNR interest is tax-free in India, many countries tax global income, including foreign currency interest. RFC deposit interest is taxable in India and must also be declared abroad if required under local regulations or DTAA provisions.

If no instructions are provided:

• FCNR (B) deposits may be renewed automatically for the same tenure, OR

The maturity amount may be placed in a holding account until instructions are received.
Customers are advised to review maturity instructions ahead of time.

Yes. Under DTAA (Double Taxation Avoidance Agreement), NRIs may claim exemption or reduced tax liability in their country of residence for interest earned in India. A valid Tax Residency Certificate (TRC) and relevant declarations may be required.

No. FCNR (B) and RFC deposits cannot be transferred between banks. You must close the existing deposit and open a new one with the desired bank. Repatriation or conversion rules apply depending on account type.

RFC deposits are exclusively for individuals who have recently returned to India and are now classified as Residents under FEMA. It allows them to retain foreign currency earnings in a compliant, interest-bearing account.

Yes. Returning NRIs may redesignate their FCNR (B) deposits as RFC deposits upon confirmation of their residency change. This helps retain foreign currency even after returning to India.

Yes. OCIs and PIOs can open FCNR (B) deposits with valid documentation. They enjoy the same repatriation and tax benefits as NRIs for these deposits.

Yes. Minors can open these deposits through their natural guardian or court-appointed guardian. The guardian must fulfill all KYC requirements and operate the deposit on behalf of the minor.

FCNR (B) deposits can be opened by:

• Non-Resident Indians
• Overseas Citizens of India (OCIs)
• Persons of Indian Origin (PIOs)

Seafarers employed on foreign vessels
Deposits must be funded through foreign remittances or transfers from NRE/FCNR accounts.