As per RBI circular, “In this regard, banks are advised that with effect from July 07, 2022, the interest rate limit applicable on FCNR (B) deposits shall be temporarily extended for incremental FCNR (B) deposits raised by banks. being withdrawn from the period up to 31 October 2022.
including several banks after the circular
and their modified FCNR Deposit,
What is FCNR Account?
The foreign currency non-resident account is called FCNR. An FCNR account, which enables you to keep money earned abroad in foreign currency, is an option if you are an NRI and wish to maintain a fixed deposit account in India.
According to HDFC Bank, “FCNR accounts are an excellent investment option for NRIs if you want to maintain your money in foreign currency and at the same time earn good returns. Since your money will be kept in foreign denominations, you should The risk of exchange rate fluctuations can be hedged. It also ensures that you earn high, risk-free returns. Also, if you are not sure about where to save or save your hard earned money. If you want to invest, you can opt for FCNR account.
State Bank Of India FCNR Rates
The revised foreign currency non-resident rates are effective from July 10, 2022. As per SBI website, simple interest is applicable on 1 year FCNR deposit amount. For deposits of more than 1 year, interest is compounded at half yearly frequency.
SBI’s interest rates for FCNR deposits are in the range of 2.85 per cent to 3.25 per cent for USD currency.
Premature Withdrawal of FCNR (B) Deposits
If the deposit is withdrawn before one year, no interest is payable. There is no early withdrawal penalty for deposits withdrawn after one year. However, interest at the effective rate will be paid by the bank while holding the deposit. Interest will be paid at the rate effective from the day of deposit.
HDFC Bank FCNR Rates
HDFC Bank interest rates for FCNR deposits are in the range of 2 per cent to 3.35 per cent for USD currency. The bank has revised the FCNR rates with effect from July 9, 2022.
According to the HDFC Bank website, “Effective 1 July 2021 FCNR deposits for GBP, EUR and JPY currencies will be offered for a tenure of 1 year only. Existing FCNR deposits booked under GBP, EURO and JPY currencies for a period of 1 year 1 day to 5 years and which are payable for auto-renewal, will be automatically renewed for a period of 1 year by default.
ICICI Bank FCNR Rates
New FCNR Interest Rates With effect from 13 July 2022. ICICI Bank offers FCNR deposits for USD, GBP, SGD, CAD, AUD and HKD.
