FCNR (B) 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.

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

• US Dollar (USD)
• Great Britain Pound (GBP)
• Australian Dollar (AUD)
• Canadian Dollar (CAD)
• Singapore Dollar (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 and up to a maximum tenure of 5 years for USD. For GBP, CAD, SGD and AUD, the tenure is 1 year to less than 3 years. Thus, FCNR (B) Deposits offer flexibility based on your financial goals.

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.

• 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 Net Banking or iMobile Pay (NRI version) from anywhere in the world. You may 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 and SGD
• Minimum Deposit Amount: USD & GBP – 1,000 foreign currency units; AUD, CAD & 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 under Cumulative scheme.
  
  
  • Traditional - Interest is paid out half-yearly. Simple interest is used to calculate interest.
  • Cumulative - Interest is compounded half-yearly and paid on maturity along with principal.

Yes. You can add or update nominees for FCNR (B) Deposits. Nomination ensures quick and hassle-free settlement of funds to the beneficiary in case of the unfortunate event of the Deposit holder’s demise.

The minimum deposit amount is

To documents required for opening FCNR (B) deposit are:

• Existing Customers: FCNR (B) deposit request .

Note : If the PAN is not available and updated in the Bank ’s records then the Form 97 is required.

New to Bank customer: The existing process to be undertaken for NRI account opening and FCNR (B) deposit creation request.

FCNR (B) deposits can be opened by:

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

Deposits must be funded through foreign remittances or transfers from NRE accounts.

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.

Yes. FCNR (B) Minors can open these deposits through their natural guardian or court-appointed guardian.

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

No. Once the deposit is booked, the applicable interest rate remains fixed for the chosen tenure.

Interest is tax-free in India; no TDS is deducted.

No. Renewing an FCNR (B) Deposit is free of charge. You may choose to renew both the principal and interest and can alter the tenure based on your goals.

No. There are no charges/penalties for premature withdrawal for FCNR (B) Deposits.

Note: FCNR (B) Deposit booked from June 11, 2026 to August 31, 2026 for tenure of >= 36 months to <= 60 months deposit have a 1% penalty on premature withdrawal.

Yes. ICICI Bank offers overdraft or loan facilities against FCNR (B) Deposits.

For FCNR (B) Deposits booked between Jun 11, 2026 and Aug 31, 2026 under the revised RBI notification dated June 08, 2026, an overdraft can be offered against the Deposit only after completion of one year from the date of Deposit creation, since the Deposit has a one-year lock-in period.

Overdraft rate = FD rate + Swap rate + Spread rate

Maximum Overdraft limit is up to 80% of the Deposit value. The overdraft limit differs from currency to currency.

You may borrow up to 80% 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. As, the overdraft limit is differed from currencies to currencies.

Yes. Your FCNR (B) 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.

Loans taken against FCNR (B) deposits must comply with FEMA regulations. The loan amount is non-repatriable.

ICICI Bank may introduce special promotional interest rates or limited period offers on select FCNR (B) Deposit 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.

Yes. Nomination facilities are available for both FCNR (B) Deposits.

Joint holding is permitted only with another NRI/OCI/PIO. A resident Indian can be a joint holder with “Former or Survivor” mode of operation.

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) 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.

Yes. Partial withdrawal is permitted for FCNR (B) Deposits.

Note: For FCNR (B) Deposit booked between Jun11, 2026 and Aug 31, 2026 for a tenure of >= 36 months to <= 60 months:

• Deposits will be subject to a lock-in period of 12 months
• If such a Deposit is partially withdrawn after completion of the lock-in period, interest will 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.

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.

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.

FCNR (B) 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. This makes them more secure and predictable compared to equities, Mutual Funds, or currency-exposed portfolios.

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

• Foreign inward remittances/Wire transfer
• Transfers from existing NRE account
• Conversion of existing deposits upon maturity

All contributions must comply with FEMA guidelines.

Yes. FCNR (B) deposits can be funded through foreign inward remittances sent directly from your overseas bank account via SWIFT/TT transfer.

While initiating the wire transfer, customer required to mentioned Customer ID in place of account number, Purpose as “Booking of FDNR(B) Deposit”, tenure, currency and maturity instruction Auto renewal or Auto closure.

The interest payout for FCNR (B) deposit can be either traditional or cumulative.

• Traditional: Interest is paid on half yearly basis
• Cumulative: Interest is accumulated with the principal and is paid on maturity along with the deposit amount.

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

No. Once booked, the currency of an FCNR (B) 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.

Yes. Premature closure is permitted for FCNR (B) Deposits.

• 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.

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. FCNR (B) Deposits booked between Jun 11, 2026 and Aug 31, 2026 for a tenure of >= 36 months to <= 60 months, have a lock-in period of 1 year and penalty of 1% will be levied on premature withdrawal after one year.

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.

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.

No. FCNR (B) 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.

ICICI Bank offer FCNR (B) deposits in 5 major currencies i.e. USD, GBP, AUD, SGD and CAD.

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, overseas bank account depending on the origin of funds.

Refunds occur in the same currency used during the transaction.

No. FCNR (B) Deposits are maintained in a single currency throughout the tenure. To invest in another currency, you must open a separate deposit.

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 Account
• Repatriate the funds to an overseas account

Maturity details are displayed on your Net Banking dashboard for easy planning.

Yes. You can set auto-renewal instructions for FCNR (B) 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 an NRI becomes a Resident Indian:

FCNR (B) Deposit may be continued until maturity and then FCNR (B) Deposit can be converted to a Resident Foreign Currency (RFC) Account or a Resident Fixed Deposit.

Note: Tax implications change from the date of change in residency.

Legal heirs or nominees must submit:

• Death certificate
• KYC documents of nominee or legal heirs
• Deceased Claim form
• Will (If available)

After verification, the deposit amount is transfer to nominee or legal heir account in the same currency or converted to INR depending on the resident status of the claimant.

Full repatriation of both principal and interest is allowed.

Yes. FCNR (B) 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 verify deposit details through:

• Net Banking
• iMobile Pay
• Deposit advice or confirmation email

These platforms display the currency, tenure, rate, and maturity amount in real time.

Yes. FCNR (B) 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.

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

• Net Banking
• iMobile Pay
• Deposit advice or confirmation email

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 deposit statements, interest certificates, maturity advices and renewal confirmations through Net Banking.

No. FCNR (B) 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.

Yes. While interest on FCNR (B) Deposits is tax-free in India, many countries tax global income, including foreign currency interest.

If no instructions are provided:

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

On maturity it will be tagged as Overdue deposit. The deposit will be continue to be governed by the Bank’s policy applicable to overdue deposit until further instructions are received from the customers.
Customers may submit the renewal instruction through Internet Banking, IMobile, Phone Banking, Branch, or their relationship Manager.