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- Open digital A/C
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- Solution for Exporters
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For MSMEs with turnover up to ₹100Cr
Foreign Currency Non-Resident Deposit (FCNR)
Maximise savings through FCNR Fixed Deposit at attractive rates with the limited-period opportunity enabled by the RBI monetary policy
announcement on 5th June, 2026.
Features & Benefits
Attractive USD returns
Attractive returns for a tenure of 3–5 years. Minimum lock-in period of 1 year
Tax efficient
Tax-free principal and interest in India (as per prevailing regulations)
Easy repatriation
Fully repatriable deposits maintained in foreign currency
Choose from many permissible credits
- Foreign inward remittance
- Traveller's cheques or foreign currency tendered by the account holder personally
- Transfer from existing NEW or FCNR deposits
- FCNR deposits are exempt from tax liability
- Easily transfer money to overseas - Principal amount and interest earned are fully repatriable
- Earn high interests on your investments
- Interest on the deposits accepted shall be paid on the basis of 360 days to a year
Withdraw from deposit if and when you need to
USD- No penalty for individual deposit below USD 1 million
EURO- No penalty for individual deposit below EURO 1 million
GBP - No penalty for individual deposit below GBP 750,000
JPY- No
penalty for individual deposit below JPY 125 million
AUD- No penalty for individual deposit below AUD 1.5 million
CAD- No penalty for individual deposit below CAD 1.5 million
- For FCNR Deposits qualifying for no penalty as mentioned above, interest rate shall be prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or the contracted rate, whichever is lower
- For FCNR Deposits qualifying for penalty as mentioned above, interest rate shall be 1% below the card rate prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or 1% below the contracted rate, whichever is lower
- In case the FCNR deposit is closed prematurely, before completion of the minimum period of 1year, no interest shall be paid for the said term deposit
Eligibility for FCNR
The following individuals are eligible to open Foreign Currency Non-Resident Account:
NRI (Non Resident Indian)
An Indian citizen residing outside India for the purpose of:
- Employment, studies, business or vocation
- Eligibility for opening a Foreign Currency Non-Resident (FCNR) account extends to individuals serving in UN organizations or those officially sent overseas by the Indian government or public sector undertakings, aligning with FCNR account eligibility criteria.
- Indian nationals employed as mariners, or those working on oil rigs, or with foreign-registered airlines also meet the criteria for FCNR Deposit eligibility, underscoring the inclusive eligibility framework of the Foreign Currency Non-Resident account.
PIO (Person of Indian origin)/ OCI (Overseas Citizen of India)
An individual holding a Foreign passport (other than Pakistani and Bangladeshi) who:
- Has held an Indian passport at any point of time
- Parent or their grandparent was Citizen of India by virtue of the Constitution of India or India Citizen Act 1955
- Is a spouse of an Indian Citizen or spouse of PIO
Documentation for FCNR
Click here to view the FCNR deposit form
Current Interest rate on FCNR Fixed Deposit
How to Open FCNR Deposits
Book your FCNR USD Fixed Deposit via Internet Banking
- 01
Log in to Internet Banking – go to Payments – proceed to Inward Remittances and click on Wire Transfer
- 02
You will be redirected to TFC Connect site to view inward remittance details
- 03
Select- Book FCNR Fixed Deposit
FCNR USD Fixed Deposits can now be booked online via Internet Banking without any physical forms with a minimum booking amount of ₹25,00,000 (equivalent foreign currency). While remitting the funds, we recommend mentioning the purpose as “For opening an FCNR deposit”, along with your NRE/NRO account number, to help us ensure smooth identification and validation of the beneficiary.
Email-based service request
If you have email indemnity registered with us, please email the scanned FCNR opening forms from your registered email ID to your branch head or operations head. If you wish to register for email indemnity, please write to us at nri.accountservicing@axis.bank.in
If you are not an existing Axis Bank customer, click here
Our team will connect with you and help you with the account opening process.
Visit your nearest Axis Bank branch or visit www.axis.bank.in/nri
Frequently Asked Questions
Axis Bank provides a Foreign Currency Non-Resident Deposit for NRIs. Refer to the FAQs for answers to any queries you may have regarding booking a Foreign Currency Non-Resident Deposit within the RBI Swap window till 31st Aug'26
Under the RBI Swap Window, Axis Bank is offering attractive Rate of Interest on FCNR deposits opened for the tenure of 3-5 years for deposits booked till 31st Aug'26.
FCNR Deposits can be opened by eligible Non-Resident Indians (NRIs), Overseas Citizens of India (OCI), and Persons of Indian Origin (PIO).
FCNR deposits can be opened in USD, EURO, GBP, AUD & CAD
The minimum deposit amount is 1,000 of the respective foreign currency
FCNR Deposits are available for tenures ranging from 3 years to 5 years
Yes, funds from NRE deposits can be used for opening FCNR deposit.
No, FCNR opening is not allowed using funds from NRO account
FCNR Account Opening Form / Nomination Form / Form 97
No, interest is tax-free in India for NRIs (as per prevailing tax laws).
No, as deposits are maintained in foreign currency, there is no exchange risk.
Yes, a lock-in period of 1 year is applicable, during which premature withdrawal is not permitted.
Yes, overdraft facility can be provided for standard FCNR deposits.
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