Foreign Currency Non-Resident Deposit (FCNR)

Axis Bank is offering Foreign Currency Non-Resident Deposit (FCNR). With the FCNR you get assured returns on deposits booked for any of 6 currencies of your choice for a tenure ranging from 1 year to 5 years. Apply for the FCNR today to avail all the benefits of FCNR Deposit.

Features & Benefits
Eligibility & Documentation
FAQs

Features & Benefits

Choose deposit tenure from a period of 1-5 years

Deposits in FCNR Deposit account should be for a minimum one year period and for maximum five year period

Choose from many permissible credits

Foreign inward remittance
Traveller's cheques or foreign currency tendered by the account holder personally

Interest on FCNR Deposits shall be calculated as below:

For deposits upto one year, at the applicable rate without any compounding effect

Withdraw from deposit if and when you need to

USD- No penalty for individual deposit below USD 1 million

Eligibility Documentation

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

To know more about documents, please click here

Frequently Asked Questions

Axis Bank provides a Foreign Currency Non-Resident Deposit for NRIs. Read these FAQs for answers to any queries you may have.

Basic Concept
Withdrawal and other services

Under this scheme, you can open Fixed Deposit Accounts in USD, GBP, EURO, JPY, AUD, and CAD.

Yes. You can transfer funds from your existing FCNR to open NRE/NRO Account.

No. NRO funds cannot be used to create NRE/FCNR Deposit.

As per the current guidelines, the entire deposit (principal and interest) is exempted from tax in India.

Yes. You can break your FCNR Deposit before the maturity period. FCNR Deposits will qualify for interest only if they have run for a 1 year period.

Yes. You can avail of a loan against your FCNR Deposits in Rupees or in Foreign Currency. The loan/overdraft can be used for personal purposes or for carrying on business activities other than:

Relending
Agricultural/plantation activities
Real estate business

Yes. Nomination facility is available under FCNR Deposit.

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