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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.

State Bank of India FCNR Account

The State Bank of India Foreign Currency Non-Resident (Bank) Account is an ideal banking solution for Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs). It allows individuals to deposit funds in a foreign currency of their choice, providing attractive returns without the risk of currency conversion losses. Let’s understand the features, benefits, and operational aspects of the SBI FCNR Account.

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Features & Benefits of SBI FCNR (B) Account

Foreign Currency Deposits:

The FCNR (B) account allows deposits in major global currencies, including USD, GBP, EURO, CAD, AUD, and JPY. Both the principal and interest are fully repatriable, ensuring financial security and global accessibility.
Flexible Tenor Options
- Minimum deposit period: 1 year
- Maximum deposit period: 5 years
No Currency Exchange Loss:

Since deposits and payouts are in the same foreign currency, there’s no exchange rate risk on the principal or interest.
Tax Exemptions:
- Interest income earned is exempt from Indian Income Tax.
- However, upon relocation to India, taxability will depend on the individual’s tax status.
Loan Facility
- Loans can be availed in both Indian Rupees and foreign currencies against the deposit.
- Maximum loan amount: 90% of the deposit’s face value (including accrued interest).
Premature Withdrawal:
- No interest is paid if the deposit is withdrawn before 1 year.
- If withdrawn after 1 year, interest is calculated based on the applicable rate for the completed tenure, with no penalties.
Nomination & Joint Account Facility:
- Accounts can be held jointly with other NRIs/PIOs/OCIs or resident relatives on a “Former or Survivor” basis.

Account Types Under SBI FCNR (B)

Term Deposit (TDR):
- Interest is disbursed every 180 days from the date of deposit.
- Minimum deposit: USD 1,000 or equivalent in other accepted currencies.
- Automatic renewal for the same tenor at prevailing interest rates upon maturity.
Special Term Deposit (STDR):
- Offers compounded interest for higher returns, with interest credited every 180 days.
- Other features are similar to Term Deposits, including premature withdrawal, loans, and nomination facility.

Permissible Credits to FCNR (B) Account

Fresh remittances from overseas.
Transfers from other NRE/FCNR (B) accounts.
Transfers from an NRO account (within permissible limits).
Personal cheques drawn on foreign accounts.
Proceeds from foreign currency notes or traveller's cheques presented in India (above USD 5,000 must include a Currency Declaration Form).

Interest Rates & Tax Implications

The FCNR (B) account offers competitive interest rates, which are available on the official SBI website.
Interest income is tax-free for NRIs, but taxability applies upon relocation to India based on the depositor’s tax status.

Loans Against FCNR (B) Deposits

Loans can be availed without prematurely closing the deposit.
Types of loans:
- Overdraft
- Demand Loan
Loan value: Up to 90% of the deposit, including accrued interest.
Loan interest rate: Linked to the prevailing base rate.

Fund Transfers from FCNR (B) Account

Full Repatriability of the funds that can be transferred to any overseas account via:

Internet Banking (INB): Add a beneficiary and place a transfer request.
Branch Request: Submit a written request through post or courier for processing.

Procedure to Open an SBI FCNR (B) Account

Through Fresh Remittance:
- Send a remittance from an overseas account, specifying the desired currency, amount, and tenor of the deposit.
Via Internet Banking:
- Log in to SBI INB, navigate to ‘NRI Services’, and place an inward remittance disposal request.
At a Branch:
- Submit or post a request letter for deposit creation, specifying details of the NRE/NRO account to be debited.

Joint Accounts with Residents

NRIs/PIOs/OCIs can jointly open accounts with resident relatives (e.g., spouse, parents, siblings) on a “Former or Survivor” basis. This enables seamless access to funds for both parties.

Interest Payable on Deceased Depositor’s Account

If claimed before maturity, interest is calculated based on the actual tenure completed.
If claimed after maturity, contracted rates are applicable until maturity, and simple savings rates apply thereafter.

FAQs

Who can open an FCNR (B) Account?
- NRIs, PIOs, and OCIs.
- Joint accounts can be opened with other NRIs/PIOs/OCIs.
- Accounts can also be opened with resident relatives on a “Former or Survivor” basis.
What currencies are permitted for FCNR (B) deposits?
You can open an FCNR (B) account in the following currencies:
- US Dollar (USD)
- British Pound Sterling (GBP)
- Euro (EUR)
- Canadian Dollar (CAD)
- Australian Dollar (AUD)
- Japanese Yen (JPY)
What is the minimum and maximum tenure for FCNR (B) deposits?
- Minimum tenure: 1 year
- Maximum tenure: 5 years
What is the minimum deposit amount?
The minimum deposit amount for an FCNR (B) account is:
- USD 1,000, or equivalent in GBP, EUR, CAD, AUD
- JPY 100,000
Are the funds in the FCNR (B) account taxable in India?
- Interest income from FCNR (B) deposits is tax-free in India for NRIs.
- Upon relocation to India, tax liability will depend on the individual’s residential tax status.
What is the interest payment frequency for FCNR (B) accounts?
- For Term Deposits (TDR): Interest is paid every 180 days.
- For Special Term Deposits (STDR): Interest is compounded every 180 days and added to the principal.
Can I withdraw funds before the deposit matures?
- Premature withdrawals are allowed.
- If withdrawn before 1 year: No interest is paid.
- If withdrawn after 1 year: Interest is paid for the completed tenure at the rate applicable at the time of deposit.

†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).