HSBC India's FCNR Deposit is a deposit maintained in foreign currency in India.

Key features:

• Deposit maintained in foreign currency
  You can place an FCNR Deposit with your foreign currency earnings. Your deposit is protected from exchange rate fluctuations since it is maintained in any of the following currencies:
  • US Dollars
  • Pound Sterling
  • Japanese Yen
  • Euros
  • Canadian Dollars
  • Australian Dollars
• Attractive interest rates
  Attractive interest rates make FCNR Deposits a preferred choice to park your foreign currency earnings.
  
  Interest can be cumulated and received at the time of maturity or can be received every quarter. Click here to check current interest rates.
• Freely Repatriable
  Since the deposit is held in foreign currency, you can always transfer the funds out of India (both principal and interest earned are Freely repatriable).
• Tax free
  Both principal and interest are completely tax free^* in India.
• Joint deposit
  You can hold the account/deposit jointly with Resident Indians^{^^} as well as other NRIs.
• SmartMoney International facility
  Avail of overdraft^# (subject to a maximum of INR 100 lacs) against your FCNR deposits.
• Nomination
  Nomination facility is available on your FCNR Deposit.
• Minimum deposit
  Minimum deposit required is
  
  

  Currency	Deposit Amount
  USD	1,000
  GBP	500
  JPY	125,000
  EUR	750
  CAD	1,500
  AUD	1,500

• Liquidity
  You can withdraw your deposit before the maturity period^{^}.
• Range of tenors
  Enjoy a wide range of tenors:
  1 year - 3 years (USD & GBP)
  1 year - 2 years (EURO, JPY, CAD, AUD)

^{^^} NRE / FCNR Accounts opened / held jointly with resident close relative (relative as defined in Section 6 of the Companies Act 1956), can be operated only on 'Former or Survivor' basis.

*Indian tax information given herein is general and is not meant to constitute, and therefore should not be construed, as advice. The tax consequences are also based on individual facts and circumstances. As such, prior professional tax advice should be sought to fully understand and appreciate the Indian tax implications. We assume no obligation or liability of any nature whatsoever by issuing this document. For US Citizens and US Residents, if necessary, you should consult your tax advisor for questions regarding the US tax treatment of these deposits. If you are resident in any other country, you should consult your tax advisor regarding the tax treatment of these deposits in your country of residence.

^ Interest on FCNR deposits will be paid on completion of each year. In case of a premature withdrawal within a year, no interest will be payable. The Bank, on request from a depositor, may at its discretion allow withdrawal of a term deposit before completion of the period of the deposit agreed upon at the time of placement of the deposit. For term deposits that are prematurely encashed, penal interest @1% will be levied. The interest paid will be 1% lower than the rate prevailing on the date of placement of the deposit for the period for which the deposit remained with the bank or the contractual rate, whichever is lower. No interest will be paid on premature withdrawals of deposit which has remained with the Bank for less than the minimum period for which deposits were being accepted for the said currency and deposit type, as on the date of placement of deposit.

# 90% of the Rupee equivalent of the amount in all your FCNR fixed deposit accounts (subject to a maximum of INR 100 lacs) and the renewal (s) thereof, with the Bank, calculated at a rate of exchange as may be determined by the Bank, or such lesser sum and for so long as the bank in its sole discretion may deem fit at the Banks Prime Lending Rate as may be declared by the Bank from time to time plus applicable tax, if any. Overdraft available at the sole discretion of The Hongkong and Shanghai Banking Corporation Limited, India. Terms and Conditions apply.

NRI deposits are under the Reserve Bank of India programme for Non-Resident Indians and are governed by the rules in effect from time to time relating to such programmes, are subject to the sovereign risk arising from, and governed by the laws of, or any changes to the laws of India. We remind UK citizens and UK residents that deposits with HSBC India are not subject to the rules made under the Financial Service Act 2000 for the protection of private customers, including the Financial Services Compensation Scheme.

NRI accounts and NRI Services are offered by The Hongkong and Shanghai Banking Corporation Limited in India (HSBC India) under the Reserve Bank of India Non-Resident Indian Program.