What is an IDBI Bank FCNR Account?

An IDBI Bank FCNR Account is a term deposit account for NRIs and OCIs where deposits are held in foreign currencies.

What currencies are accepted for an IDBI Bank FCNR Account?

IDBI Bank FCNR Accounts accept major currencies like USD, GBP, EUR, AUD, CAD, and SGD.

Who can open an IDBI Bank FCNR Account?

Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) can open an IDBI Bank FCNR Account.

What is the minimum deposit amount for an IDBI Bank FCNR Account?

The minimum deposit amount for an IDBI Bank FCNR Account is typically USD 1,000 or its equivalent in other currencies.

Is the interest earned on an IDBI Bank FCNR Account taxable in India?

No, the interest earned on an IDBI Bank FCNR Account is tax-free in India.

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IDBI Bank FCNR Account

The IDBI Bank FCNR Account is a smart way for NRIs to save their foreign earnings in India. It offers tax-free returns, competitive interest rates, and full repatriation of funds. Available in currencies like USD, GBP, and EUR, this account protects against exchange rate risks and helps grow your savings securely.

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What is IDBI Bank FCNR Account?

An IDBI Bank FCNR Account is a Fixed Deposit account specially designed for Non-Resident Indians (NRIs) to park their foreign currency earnings safely. It allows you to deposit in foreign currencies like USD, GBP, EUR, and more, offering competitive interest rates. The interest earned on this account is tax-free in India, and you can easily repatriate both the principal and interest. With flexible tenures ranging from 1 to 5 years, this account also protects your savings from exchange rate fluctuations, making it a secure and profitable option for NRIs.

Features of IDBI Bank FCNR Account

The key features of the IDBI Bank FCNR Account are as follows:

Flexible FD Tenure: Choose from deposit tenures ranging from 1 to 5 years.
Interest on Premature Withdrawal: Interest paid on early withdrawal will be the lower of the contracted rate or the rate applicable for the period the deposit remained with the bank.
Multiple Currency Options: Accepts deposits in USD, GBP, EUR, AUD, CAD, HKD, SGD, CHF, and JPY.
Easy Loan Against Deposits: Loans are available against FCNR deposits, providing liquidity.
Interest Payout Options: Interest can be paid half-yearly or accumulated and credited on maturity.
Automatic Renewal: Deposits can be automatically renewed upon maturity, if instructed.
Minimum Deposit: The minimum deposit is USD 1,000 or its equivalent in other currencies.
Deposit Sources: Deposits can be made via remittances from abroad or transfers from NRE accounts.
Repatriation: Full balance, including interest, can be freely repatriated abroad.
Tax Exemption: Interest earned on FCNR deposits is fully exempt from income tax under the Indian Income Tax Act.

IDBI Bank FCNR Account Interest Rates ~w.e.f. July 29, 2024

For Deposits Up to $1 Million

Maturity Period	USD	GBP	EUR	AUD	CAD	JPY	SGD	HKD	CHF
1 Year to < 2 Years	5.15%	4.85%	3.70%	4.35%	4.37%	0.61%	2.79%	1.00%	0.50%
2 Years to < 3 Years	4.50%	4.55%	2.70%	4.35%	4.07%	0.25%	2.74%	1.00%	N.A.
3 Years to < 4 Years	4.10%	4.00%	2.26%	4.20%	3.72%	0.10%	1.46%	1.00%	N.A.
4 Years to < 5 Years	3.90%	3.50%	2.26%	4.14%	3.50%	0.10%	0.46%	1.00%	N.A.
5 Years Only	3.90%	3.50%	2.26%	4.27%	3.37%	0.10%	0.46%	1.00%	N.A.

For Deposits Above $1 Million and Up to $5 Million

Maturity Period	USD	GBP	EUR	AUD	CAD	JPY	SGD	HKD	CHF
1 Year to < 2 Years	5.35%	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.
2 Years to < 3 Years	4.65%	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.
3 Years to < 4 Years	4.25%	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.
4 Years to < 5 Years	4.05%	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.
5 Years Only	4.05%	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.

Important Notes:

Interest Rates: Interest rates on RFC and FCNR(B) deposits are subject to change on the 1st of every month and in accordance with the guidelines issued by the Reserve Bank of India.

Minimum Tenure for RFC Deposits: 6 months.
Premature Closure: No interest will be paid on FCNR deposits if closed within 1 year.

Eligibility Criteria to Apply for IDBI Bank FCNR Account

Eligible Applicants: Must be a Non-Resident Indian (NRI), Overseas Citizen of India (OCI), or Person of Indian Origin (PIO).
Passport Requirement: An Indian passport is necessary, regardless of when it was issued.
Joint Account Holders: Joint accounts can only be opened with other NRIs or PIOs, not with Indian residents.

Documents Required to Apply for IDBI Bank FCNR Account

The following documents are necessary for opening an IDBI Bank FCNR Account:

Valid Passport
Visa
Proof of Address (documentation confirming your current address abroad)
Photographs (recent passport-sized color photographs).
Self-Attestation (all documents must be self-attested and may need attestation from the Indian embassy or a local notary).

Benefits of Opening IDBI Bank FCNR Account

Following are the key benefits of having an IDBI Bank FCNR Account for an NRI in India:

Protection Against Currency Fluctuations: FCNR accounts allow NRIs to deposit money in foreign currencies, safeguarding their savings from Indian Rupee volatility.
Attractive Interest Rates: IDBI Bank offers competitive rates, with USD deposits yielding up to 6.20% for a five-year term.
Tax-Free Interest: Interest earned on FCNR deposits is exempt from income tax in India, ensuring higher net returns.
Full Repatriation: Both the principal and interest are fully repatriable, allowing hassle-free transfer of funds overseas.
Flexible Tenure Options: Deposit tenures range from 1 to 5 years, catering to diverse financial goals.
No Premature Closure Penalty: No penalty is charged for premature closures, but interest is forfeited if closed within a year.
Multiple Currency Choices: Accounts can be opened in currencies like USD, GBP, EUR, AUD, CAD, SGD, CHF, JPY, and HKD for added convenience.

Conclusion

The IDBI Bank FCNR Account is a great option for NRIs to save and grow their foreign currency earnings without exchange rate risks. It offers good interest rates, tax-free returns in India, and flexible tenures from 1 to 5 years. With secure services and helpful support, IDBI Bank makes managing your funds easy. It is a reliable choice for NRIs to safely park their money in India.

FAQs

What is an IDBI Bank FCNR Account?

An IDBI Bank FCNR Account is a term deposit account for NRIs and OCIs where deposits are held in foreign currencies.
What currencies are accepted for an IDBI Bank FCNR Account?

IDBI Bank FCNR Accounts accept major currencies like USD, GBP, EUR, AUD, CAD, and SGD.
Who can open an IDBI Bank FCNR Account?

Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) can open an IDBI Bank FCNR Account.
What is the minimum deposit amount for an IDBI Bank FCNR Account?

The minimum deposit amount for an IDBI Bank FCNR Account is typically USD 1,000 or its equivalent in other currencies.
Is the interest earned on an IDBI Bank FCNR Account taxable in India?

No, the interest earned on an IDBI Bank FCNR Account is tax-free in India.

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*Past 10 Year annualised returns as on 01-02-2025
*All savings plans are provided by the insurer as per the IRDAI approved insurance plan. Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 2 Cr. is for a 30 year old healthy individual investing Rs 18,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: 1,06,79,507 @ CAGR 4%; 2,12,15,817 @ CAGR 8%. All plans listed here are of insurance companies’ funds. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
**Returns are based on past 10 years' fund performance data (Fund Data Source: Value Research).