What currencies are supported in Indian Bank FCNR accounts?

Indian Bank FCNR accounts support multiple currencies, including USD, GBP, EUR, AUD, CAD, and others. Check with the bank for a complete list of supported currencies.

Is interest earned on FCNR account taxable in India?

No, the interest earned on FCNR accounts is exempt from income tax in India.

Can the principal and interest be repatriated?

Yes, both the principal and interest from an FCNR account are fully repatriable.

Can I take a loan against my FCNR deposit?

Yes, Indian Bank offers loan facilities against FCNR deposits for personal or business purposes.

How can I fund my FCNR account?

Funds can be transferred from your overseas bank account in the chosen foreign currency.

Are there any penalties for premature withdrawal of an FCNR deposit?

Premature withdrawal is allowed, but penalties may apply depending on the bank's terms and conditions. Check with Indian Bank for specific details.

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Disclaimer: # The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- 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: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. All plans listed here are of insurance companies’ funds.

Indian Bank FCNR Account

For Non-Resident Indians (NRIs) seeking to secure their earnings in a foreign currency, the Foreign Currency Non-Resident (FCNR) account is a compelling option. Indian Bank, a leading public sector bank in India, offers FCNR accounts tailored to meet the financial needs of NRIs while providing attractive interest rates and robust security.

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What is an FCNR Account?

An FCNR account is a term deposit account that allows NRIs to park their foreign currency earnings in India without worrying about currency conversion risks. The account is maintained in foreign currencies like USD, GBP, EUR, AUD, CAD, and others, offering flexibility and convenience for NRIs.

Features and Benefits of Indian Bank FCNR Accounts

Below are the features and benefits of Indian Bank FCNR account:

Multiple Currency Options: Indian Bank FCNR accounts can be maintained in a variety of foreign currencies, ensuring NRIs can deposit in their currency of choice.
Attractive Interest Rates: These accounts offer competitive interest rates that vary depending on the currency and tenure of the deposit.
Tax-Free Earnings: The interest earned on FCNR accounts is exempt from income tax in India, making it a tax-efficient savings option.
Repatriation Facility: Both the principal and interest are fully repatriable, enabling NRIs to transfer their funds abroad without hassle.
Flexible Tenure: Indian Bank offers a tenure range from 1 year to 5 years, allowing customers to choose a term that suits their financial goals.
Loan Facility: NRIs can avail of loans against their FCNR deposits for personal or business needs, providing liquidity without breaking the deposit.
Currency Risk Mitigation: Since the account is maintained in foreign currency, depositors are shielded from exchange rate fluctuations, ensuring their savings remain stable.

Eligibility and Documentation

To open an FCNR account with Indian Bank, the applicant must meet the following criteria:

Be an NRI, Overseas Citizen of India (OCI), or Person of Indian Origin (PIO).
Provide valid identity proof, such as a passport and visa.
Submit proof of NRI status (employment contract, work visa, or resident permit).
Address proof and recent passport-sized photographs.

Steps to Open an FCNR Account

Choose a Currency and Tenure: Decide on the currency and tenure of the deposit based on your financial objectives.
Fill Out the Application: Obtain the FCNR account application form from Indian Bank’s website or branch and complete it accurately.
Submit Required Documents: Provide the necessary documents along with the filled application form.
Fund the Account: Transfer funds from your overseas bank account in your chosen foreign currency.

Why Choose Indian Bank for FCNR Accounts?

Indian Bank stands out for its customer-centric approach, transparent processes, and excellent service. The bank’s extensive global presence and strong domestic network make it a reliable partner for NRIs. Additionally, Indian Bank’s digital banking solutions enable NRIs to manage their accounts seamlessly from anywhere in the world.

Conclusion

An Indian Bank FCNR account is a smart choice for NRIs looking to grow their foreign currency savings while benefiting from tax exemptions and repatriation facilities. With attractive interest rates, flexible tenures, and a reputation for trustworthiness, Indian Bank provides a secure and convenient platform for managing your overseas earnings.

FAQs

What currencies are supported in Indian Bank FCNR accounts?

Indian Bank FCNR accounts support multiple currencies, including USD, GBP, EUR, AUD, CAD, and others. Check with the bank for a complete list of supported currencies.
Is interest earned on FCNR account taxable in India?

No, the interest earned on FCNR accounts is exempt from income tax in India.
Can the principal and interest be repatriated?

Yes, both the principal and interest from an FCNR account are fully repatriable.
Can I take a loan against my FCNR deposit?

Yes, Indian Bank offers loan facilities against FCNR deposits for personal or business purposes.
How can I fund my FCNR account?

Funds can be transferred from your overseas bank account in the chosen foreign currency.
Are there any penalties for premature withdrawal of an FCNR deposit?

Premature withdrawal is allowed, but penalties may apply depending on the bank's terms and conditions. Check with Indian Bank for specific details.

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*Past 10 Year annualised returns as on 01-01-2025
*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).