Foreign Currency Deposits

Let your foreign currency savings earn attractive returns in India. Without having to convert them into Indian Rupees!

Place a FCNR Deposit in any of the six major currencies: US Dollars, Pound Sterling, Japanese Yen, Euros, Canadian Dollars or Australian Dollars.

Know more

• Features & Benefits
• Eligibility
• Comparison of Accounts
• How to place your Fixed Deposit Online
• Interest Rates
• Service Charges and Fees
• FAQs

Features & Benefits

With FCNR deposits:

• You are set free from worries of exchange rate fluctuations
• You can fully repatriate both principal and interest
• Interest earnings are tax free* in India
• You enjoy the flexibility to maintain your savings in foreign currency
• Avail of Overdraft against your FCNR Deposits^##
• Maintain the FCNR Deposits jointly with another NRI
• You can choose from a wide range of tenors, minimum being 367 days^
• Appoint a Nominee residing in India, for your FCNR Deposits

Eligibility

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* 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.

^ 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.

^## Overdraft available at the sole discretion of The Hongkong and Shanghai Banking Corporation Limited, India. Terms and Conditions apply.

With RFC deposits, you do not need to worry about converting your foreign currency savings into Indian Rupees at an unfavourable exchange rate when moving to India. You can retain them in foreign currency and convert them into Indian Rupees at a later date when the exchange rate is favorable!

You can place RFC deposits in any of these 4 currencies: US Dollars, Pound Sterling, Japanese Yen, Euros.

Know more

• Features & Benefits
• Who can Apply?
• Comparison of Accounts
• How to place a Fixed Deposit Online
• Interest Rates
• Service Charges and Fees
• FAQs

Features & Benefits

• Retain funds in select global currencies: Continue holding your savings in US Dollar / Pound Sterling / Yen / Euro deposit even after you return to India.
• Shift monies to RFC deposits: Transfer funds currently held in NRE Accounts, FCNR Deposits and overseas remittances accounts into RFC Deposits when you return.
• Earn Indian Fixed Deposit Rates: Maintain your funds as a Fixed Deposit in India. The Deposit comes with an auto renewal facility.
• Overseas remittances permitted: The deposits can be used to make bona fide remittances overseas without any prior approval.

Who can apply?

If you are individual of Indian nationality / origin returning to India permanently, you can place an RFC Deposit.

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