High-Yield Deposits Without Currency Conversion Risks.
Retain your global earnings in foreign currency while enjoying Indian-style interest rates and full tax exemption.
The Bharat Bank FCNR(B) Depositis a premium term deposit for NRIs and OCIs who prefer to keep their savings in foreign currency. Unlike NRE Fixed Deposits, where your funds are converted to Rupees, FCNR(B) deposits are maintained in the currency of your choice (USD, GBP, EUR, etc.). This eliminates the risk of exchange rate fluctuations, ensuring that $100$ USD deposited today remains $100$ USD (plus interest) at maturity, regardless of the Rupee's value.
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Rate of Interest on FCNR (B) Deposits* w.e.f 02.02.2026
Currency |
Period of Deposits |
Rate of interest % p.a. (Compounded half yearly) |
|---|---|---|
|
USD |
1 year and above but less than 2 years |
5.39 |
|
USD |
2 years and above but less than 3 years |
4.39 |
|
USD |
3 years and above but less than 4 years |
3.89 |
|
USD |
4 years and above but less than 5 years |
3.89 |
|
USD |
5 years only |
3.89 |
|
GBP |
1 Year 1 Day |
3.62 |
|
EURO |
1 Year 1 Day |
1.83 |
|
JPY |
1 Year 1 Day |
0.43 |
Please note FCNR (B) Deposits in GBP, Euro & JPY shall be accepted for only one maturity i.e one year and one day. The minimum tenure for an FCNR(B) deposit is 1 year However FCNR (B) deposits denominated in US Dollar (USD) shall be accepted for a maximum period not exceeding 5 years.
Also note that FCNR (B) Deposits Account is opened only in B Category branches i.e. at Goregaon (East) Branch & Fort Branch. All the other Branches are advised to forward FCNR application forms to Foreign Exchange Department of āBā Category branches for the opening, maintaining and operation of the said account till further instructions.
* Foreign Currency Non-Resident (Bank) Deposits
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Zero Exchange Risk: Your principal and interest are held in the original foreign currency, shielding you from Rupee depreciation.
-
Tax-Free Growth: Interest earned is 100% exempt from Indian Income Tax. No TDS is applicable in India.
-
Full Repatriability: You can transfer your entire maturity proceeds (principal + interest) back to your country of residence or any other foreign account without limits.
-
Compounding Interest: Interest is calculated and compounded on a half-yearly basis.
-
Who can open: NRIs (Non-Resident Indians) and OCI cardholders.
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Joint Holding: Permitted with other NRIs (Either or Survivor) or with a Resident Indian relative (on a 'Former or Survivor' basis).
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Nomination: Facility available for both NRI and Resident nominees.
-
Within 1 Year: No interest is payable.
-
After 1 Year: A penalty (typically 1.00%) is applied to the interest rate applicable for the period the deposit was actually held.
-
Currency Switch: You have the flexibility to "switch" your deposit from one currency to another (e.g., USD to GBP) before maturity, subject to current market rates and premature penalty rules.
-
Swap cost : To recover swap cost on premature withdrawal, if any.
-
Direct Remittance: Transfer funds from your overseas bank account via SWIFT/Wire Transfer.
-
Internal Transfer: Transfer funds from your existing NRE Savings/Fixed Deposit or another FCNR(B) account.
-
Foreign Currency Cash: Deposit foreign currency notes during your visit to India (subject to CDF limits).
Rate of Interest on FCNR (B) Deposits* w.e.f 02.02.2026
Currency |
Period of Deposits |
Rate of interest % p.a. (Compounded half yearly) |
|---|---|---|
|
USD |
1 year and above but less than 2 years |
5.39 |
|
USD |
2 years and above but less than 3 years |
4.39 |
|
USD |
3 years and above but less than 4 years |
3.89 |
|
USD |
4 years and above but less than 5 years |
3.89 |
|
USD |
5 years only |
3.89 |
|
GBP |
1 Year 1 Day |
3.62 |
|
EURO |
1 Year 1 Day |
1.83 |
|
JPY |
1 Year 1 Day |
0.43 |
Please note FCNR (B) Deposits in GBP, Euro & JPY shall be accepted for only one maturity i.e one year and one day. The minimum tenure for an FCNR(B) deposit is 1 year However FCNR (B) deposits denominated in US Dollar (USD) shall be accepted for a maximum period not exceeding 5 years.
Also note that FCNR (B) Deposits Account is opened only in B Category branches i.e. at Goregaon (East) Branch & Fort Branch. All the other Branches are advised to forward FCNR application forms to Foreign Exchange Department of āBā Category branches for the opening, maintaining and operation of the said account till further instructions.
* Foreign Currency Non-Resident (Bank) Deposits
-
Zero Exchange Risk: Your principal and interest are held in the original foreign currency, shielding you from Rupee depreciation.
-
Tax-Free Growth: Interest earned is 100% exempt from Indian Income Tax. No TDS is applicable in India.
-
Full Repatriability: You can transfer your entire maturity proceeds (principal + interest) back to your country of residence or any other foreign account without limits.
-
Compounding Interest: Interest is calculated and compounded on a half-yearly basis.
-
Who can open: NRIs (Non-Resident Indians) and OCI cardholders.
-
Joint Holding: Permitted with other NRIs (Either or Survivor) or with a Resident Indian relative (on a 'Former or Survivor' basis).
-
Nomination: Facility available for both NRI and Resident nominees.
-
Within 1 Year: No interest is payable.
-
After 1 Year: A penalty (typically 1.00%) is applied to the interest rate applicable for the period the deposit was actually held.
-
Currency Switch: You have the flexibility to "switch" your deposit from one currency to another (e.g., USD to GBP) before maturity, subject to current market rates and premature penalty rules.
-
Swap cost : To recover swap cost on premature withdrawal, if any.
-
Direct Remittance: Transfer funds from your overseas bank account via SWIFT/Wire Transfer.
-
Internal Transfer: Transfer funds from your existing NRE Savings/Fixed Deposit or another FCNR(B) account.
-
Foreign Currency Cash: Deposit foreign currency notes during your visit to India (subject to CDF limits).