Things you should know about FCNR (B) Deposit

  • Currency options

    FCNR (B) Deposits are offered in USD, GBP, SGD, CAD, and AUD

  • Tenure Options

    1 year – 5 years for USD, GBP, CAD, SGD and AUD currencies

  • Tax Treatment

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

  • Repatriation Facility 

    Both principal and interest are fully repatriable

  • Loan Facility

    Avail a loan of up to 85%* of the deposit value, up to ₹5 crore, on select FCNR (B) Deposits

    *T&Cs apply. Please contact Customer Care on 1800 1080 or your Relationship Manager or visit the Branch for the Loan-to-Value (LTV) ratio.

     

About FCNR (B) Deposits

FCNR (B) Deposit Interest Rates

ICICI Bank offers FCNR (B) Deposits in select foreign currencies, allowing NRIs to earn fixed returns while maintaining funds in their preferred currency. The interest rate remains fixed throughout the tenure. For certain FCNR (B) Deposits with tenures of 3 years to 5 years, a one-year lock-in period applies and premature closure after the lock-in period may attract a 1% penalty, as per the applicable Terms and Conditions.

Note: Rates are based on the effective dates shown in the Bank's FCNR (B) Deposit rate schedule and are subject to change from time to time. Please refer to the latest ICICI Bank FCNR (B) Deposit rate chart for updated rates and the applicable Terms and Conditions.

Tax Efficiency of FCNR (B) Deposits

ICICI Bank's FCNR (B) Deposit offers tax-efficient savings for NRIs investing in India.

Tax Treatment of Interest in India

Interest earned on FCNR (B) Deposits is exempt from income tax in India for the duration of NRI status. This makes the FCNR (B) Deposit a tax-efficient option for NRIs holding foreign currency earnings.

Tax Implications on Maturity

On maturity, principal and interest on FCNR (B) Deposits in India are fully repatriable. Tax treatment in the country of residence may vary. Consult a tax advisor for guidance.

Important Regulatory Considerations

All FCNR (B) Deposits at ICICI Bank are governed by the Reserve Bank of India guidelines. Please ensure compliance with applicable tax laws in your country of residence.

Disclaimer: Tax laws are subject to change. Please consult a qualified tax advisor for personalised advice.

Secure Foreign Currency Savings

Protect your funds from exchange rate fluctuations with FCNR (B) Deposits, ensuring stable and attractive returns in multiple currencies.

Eligibility & Account Holders

Available for NRIs, PIOs and OCIs

Convenient Booking Options
Mode FCNR (B) FD

ICICI Bank Branch

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ICICI Bank Net Banking

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ICICI Bank iMobile App

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ICICI Bank Customer Care

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Wire Transfer

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Smart Wire

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Flexible Tenure & High Returns
  • 1 Year to 5 years for USD, GBP, CAD, SGD and AUD currencies
  • Enjoy tax-free interest in India on FCNR (B) deposits

FCNR (B) Deposits FAQ's

What is an FCNR (B) Fixed Deposit?

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 five currencies - USD, GBP, SGD, CAD and AUD. Interest earned is exempt from tax in India and the funds (principal + interest) are fully repatriable.

What are the advantages of an FCNR (B) Deposit?

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.

What are the available currencies for FCNR (B) Deposits?

ICICI Bank offers FCNR (B) Deposits in five currencies: USD, GBP, SGD, CAD and 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.

Who should open an FCNR (B) Deposit?

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.

What are the tenure options for FCNR (B) FDs?

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

Is the interest earned on these deposits taxable in India?

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

Can I withdraw my deposit before maturity?

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

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

  • If such a Deposit is prematurely withdrawn (fully / partially) after completion of the lock-in period, 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.

How can I book FCNR (B)?

You can open an FCNR(B) Deposit via Net Banking, iMobile app, ICICI Bank Branches in India, Customer Care, Smart Wire, or Wire Transfer.

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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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