Foreign Currency Non-Resident [FCNR(B)] Deposit
This facility is currently available only in Mumbai Branches (Fort and Khar)
Deutsche Bank India offers Foreign Currency Non-Resident [FCNR(B)] Deposit which allows Non-Resident Indians (NRIs) to park their overseas earnings in foreign currency in India. FCNR (B) deposits protect investors from foreign currency exchange fluctuations while earning assured and attractive interest rates.
Benefits of FCNR (B) Deposit
- The principal amount and interest earned on an FCNR (B) deposit are fully repatriable, meaning the funds can be transferred to an overseas account without any restrictions
- Protects funds from exchange rate fluctuations
- The principal and interest earned on a FCNR (B) deposit are tax-free in India
Features of FCNR (B) Deposit
- FCNR (B) deposits are allowed only in USD by Deutsche Bank
- FCNR (B) can only be opened as fixed deposit
- FCNR (B) deposit can be held singly or jointly with non-resident Indians
- Nomination facility is available
Eligibility
- Only NRIs can open an FCNR (B) deposit
- Only individuals are eligible to open FCNR (B) deposit
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Interest rate of FCNR (B) Deposit
| Tenure | Simple Interest rate |
| 1 year |
5% p.a. |
| >1 – 2 years | 4.75% p.a. |
Funding of FCNR (B) Deposit
Funds for the creation of FCNR (B) deposits can be any of the following:
- Existing DB NRE account: If the customer has an existing NRE account in India with Deutsche Bank (India) or any other bank, they can directly transfer funds to Deutsche Bank (India) to create an FCNR (B) deposit
- Remittance: Customer can move funds from foreign bank account or from any other bank account held in India to Deutsche Bank (India) NRE account to create an FCNR (B) deposit
- Transfers from third-party accounts will not be allowed and FCNR deposit request will be processed only if the beneficiary and remitter details are the same
Payment of Interest
- The interest on FCNR (B) deposit shall be paid on the basis of 360 days to a year
- Interest will be compounded at half-yearly frequency (180 days) and thereafter for the remaining actual number of days
- Interest will be paid on maturity
Maturity payment
On maturity or pre-closure of FCNR (B) deposit proceeds will be transferred to existing DB NRE account held by customer. Customer can provide a written request within a maximum of 15 days before the date of maturity of the FCNR (B) deposit for crediting maturity proceeds in any of the following modes:
- Existing DB NRE account: Maturity proceeds can be transferred to existing DB NRE account in India
- Remittance : Maturity proceeds can be remitted outside India
Premature withdrawal
Premature closure of FCNR (B) deposit will be allowed
- Before completion of one year: No interest shall be paid on deposits that have not run for the minimum stipulated maturity period i.e. one year
- After completion of one year and thereafter: The rate of interest payable on such deposits will be subject to a penalty of 1.00% on the rate as on the date of booking for the period for which the deposit has run and not at the contracted rate
- Partial withdrawal will not be permitted. If the customer wishes to withdraw, the full FCNR (B) deposit shall be
withdrawn
Comparison of FCNR (B), NRE and NRO accounts held by NRIs
| Description |
FCNR (B) |
NRE | NRO |
|---|---|---|---|
| Permissible accounts |
Fixed Deposits only |
Savings account / Fixed Deposit / Recurring deposit / Current account |
Current Account / Savings account / Fixed Deposit / Recurring deposit |
| Currency | Foreign currency (USD only) | Indian currency (INR only) | Indian currency (INR only) |
| Funds repatriability | No restrictions; freely repatriable | No restrictions; freely repatriable | Not repatriable except for all current income. Balances in an NRO account of NRIs are remittable up to USD 1 (one) million per financial year (April-March) along with their other eligible assets. |
| Taxation on interest income | Exempt | Exempt | Taxable |
Frequently asked questions (FAQ)
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How to book
Contact Deutsche Bank branch (India) or your Relationship Manager for further assistance
Process and Documentation on closure of FCNR (B) deposits
Contact Deutsche Bank branch (India) or your Relationship Manager for further assistance
More Fixed Deposit options
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SMS FD to 561615
Call 18602666601#
#Customers outside India need to dial +91 22 6601 6601.
Customers in Mumbai can also call at +91 22 6601 6601. Call charges apply.