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FCNR Deposit

HSBC India's foreign currency non-resident deposit is a deposit maintained in foreign currency in India. Apply Today

Why choose a FCNR deposit? 

You can place an FCNR Deposit with your foreign currency earnings. Your deposit is protected from exchange rate fluctuations since it is maintained in your foreign currency of choice.

 

Key features:

  • Interest can be cumulated and received at the time of maturity or can be received every half-yearly.
  • Hold currency in US Dollars, Pound Sterling, Japanese Yen, Euros, Canadian Dollars, Australian Dollars, Danish Krone, Swiss Francs, and Swedish Krona
  • Both principal and interest are completely tax free1 in India.
  • Enjoy a wide range of tenors:
    1 year - 3 years (USD,GBP,DKK,CHF,SEK)
    1 year - 2 years (EURO, JPY, CAD, AUD)

Ways to open:

Online, Branch, Phone

Feature & Benefits

Easy money management

Family banking

Nomination facility

  • Nomination facility is available on your FCNR deposit.

Joint Term Deposit

  • You can hold the account/deposit jointly with NRI as well as other Residents who are close relatives (PDF) (relative as defined in Section 6 of the Companies Act 1956),
  • Deposits held jointly with residents can be operated only on 'Former or Survivor' basis.

Minimum Deposits

FCNR Depositis Minimum Deposits

Currency

Deposit Amount

US Dollars (USD)

1,000

British Pound (GBP)

500

Japanese Yen (JPY)

125,000

Euro (EUR)

750

Canadian Dollars (CAD)

1,500

Australian Dollars (AUD)

1,500

Danish Krone (DKK)

1,000

Swiss Francs (CHF)

1,000

Swedish Krona (SEK)

1,000

FCNR Depositis Minimum Deposits

Currency

US Dollars (USD)

Deposit Amount

1,000

Currency

British Pound (GBP)

Deposit Amount

500

Currency

Japanese Yen (JPY)

Deposit Amount

125,000

Currency

Euro (EUR)

Deposit Amount

750

Currency

Canadian Dollars (CAD)

Deposit Amount

1,500

Currency

Australian Dollars (AUD)

Deposit Amount

1,500

Currency

Danish Krone (DKK)

Deposit Amount

1,000

Currency

Swiss Francs (CHF)

Deposit Amount

1,000

Currency

Swedish Krona (SEK)

Deposit Amount

1,000

FCNR Deposits Interest Rates

Interest Rates for United States Dollar (U.S.D.)

Interest Type for U.S.D.

>= 1 year to 
< 2 years

>= 2 years to 
< 3 years

3 years

Simple Interest % p.a.

0.10

2.01

0.10

Cumulative Interest % p.a.

0.10

2.04

0.10

Interest Rates for United States Dollar (U.S.D.)

Interest Type for U.S.D.

Simple Interest % p.a.

>= 1 year to 
< 2 years

0.10

>= 2 years to 
< 3 years

2.01

3 years

0.10

Interest Type for U.S.D.

Cumulative Interest % p.a.

>= 1 year to 
< 2 years

0.10

>= 2 years to 
< 3 years

2.04

3 years

0.10

Interest Rates for Great Britain Pounds (G.B.P.)

Interest Type for G.B.P.

>= 1 year to
< 2 years

>= 2 years to
< 3 years

3 years

Simple Interest % p.a.

0.10

0.10

0.10

Cumulative Interest % p.a.

0.10

0.10

0.10

Interest Rates for Great Britain Pounds (G.B.P.)

Interest Type for G.B.P.

Simple Interest % p.a.

>= 1 year to
< 2 years

0.10

>= 2 years to
< 3 years

0.10

3 years

0.10

Interest Type for G.B.P.

Cumulative Interest % p.a.

>= 1 year to
< 2 years

0.10

>= 2 years to
< 3 years

0.10

3 years

0.10

Interest Rates for Euro (E.U.R.)

Interest Type for E.U.R.

>= 1 year to
< 2 years

>= 2 years to
< 3 years

3 years

Simple Interest % p.a.

0.01

0.01

-

Cumulative Interest % p.a.

0.01

0.01

-

Interest Rates for Euro (E.U.R.)

Interest Type for E.U.R.

Simple Interest % p.a.

>= 1 year to
< 2 years

0.01

>= 2 years to
< 3 years

0.01

3 years

-

Interest Type for E.U.R.

Cumulative Interest % p.a.

>= 1 year to
< 2 years

0.01

>= 2 years to
< 3 years

0.01

3 years

-

Interest Rates for Japanese Yen (J.P.Y.)

Interest Type for J.P.Y.

>= 1 year to
< 2 years

>= 2 years to
< 3 years

3 years

Simple Interest % p.a.

0.10

0.10

-

Cumulative Interest % p.a.

0.10

0.10

-

Interest Rates for Japanese Yen (J.P.Y.)

Interest Type for J.P.Y.

Simple Interest % p.a.

>= 1 year to
< 2 years

0.10

>= 2 years to
< 3 years

0.10

3 years

-

Interest Type for J.P.Y.

Cumulative Interest % p.a.

>= 1 year to
< 2 years

0.10

>= 2 years to
< 3 years

0.10

3 years

-

Interest Rates for Australia Dollar (A.U.D.)

Interest Type for A.U.D.

>= 1 year to
< 2 years

>= 2 years to
< 3 years

3 years

Simple Interest % p.a.

0.10

0.10

-

Cumulative Interest % p.a.

0.10

0.10

-

Interest Rates for Australia Dollar (A.U.D.)

Interest Type for A.U.D.

Simple Interest % p.a.

>= 1 year to
< 2 years

0.10

>= 2 years to
< 3 years

0.10

3 years

-

Interest Type for A.U.D.

Cumulative Interest % p.a.

>= 1 year to
< 2 years

0.10

>= 2 years to
< 3 years

0.10

3 years

-

Interest Rates for Canadian Dollar (C.A.D.)

Interest Type for C.A.D.

>= 1 year to
< 2 years

>= 2 years to
< 3 years

3 years

Simple Interest % p.a.

0.10

0.10

-

Cumulative Interest % p.a.

0.10

0.10

-

Interest Rates for Canadian Dollar (C.A.D.)

Interest Type for C.A.D.

Simple Interest % p.a.

>= 1 year to
< 2 years

0.10

>= 2 years to
< 3 years

0.10

3 years

-

Interest Type for C.A.D.

Cumulative Interest % p.a.

>= 1 year to
< 2 years

0.10

>= 2 years to
< 3 years

0.10

3 years

-

Interest Rates for Danish Krone (D.K.K.)

Interest Type for D.K.K.

>= 1 year to
< 2 years

>= 2 years to
< 3 years

3 years

Simple Interest % p.a.

0.10

0.10

0.10

Cumulative Interest % p.a.

0.10

0.10

0.10

Interest Rates for Danish Krone (D.K.K.)

Interest Type for D.K.K.

Simple Interest % p.a.

>= 1 year to
< 2 years

0.10

>= 2 years to
< 3 years

0.10

3 years

0.10

Interest Type for D.K.K.

Cumulative Interest % p.a.

>= 1 year to
< 2 years

0.10

>= 2 years to
< 3 years

0.10

3 years

0.10

Interest Rates for Swiss Franc (C.H.F.)

Interest Type for C.H.F.

>= 1 year to
< 2 years

>= 2 years to
< 3 years

3 years

Simple Interest % p.a.

0.10

0.10

0.10

Cumulative Interest % p.a.

0.10

0.10

0.10

Interest Rates for Swiss Franc (C.H.F.)

Interest Type for C.H.F.

Simple Interest % p.a.

>= 1 year to
< 2 years

0.10

>= 2 years to
< 3 years

0.10

3 years

0.10

Interest Type for C.H.F.

Cumulative Interest % p.a.

>= 1 year to
< 2 years

0.10

>= 2 years to
< 3 years

0.10

3 years

0.10

Interest Rates for Swedish Krona (S.E.K.)

Interest Type for S.E.K.

>= 1 year to
< 2 years

>= 2 years to
< 3 years

3 years

Simple Interest % p.a.

0.10

0.10

0.10

Cumulative Interest % p.a.

0.10

0.10

0.10

Interest Rates for Swedish Krona (S.E.K.)

Interest Type for S.E.K.

Simple Interest % p.a.

>= 1 year to
< 2 years

0.10

>= 2 years to
< 3 years

0.10

3 years

0.10

Interest Type for S.E.K.

Cumulative Interest % p.a.

>= 1 year to
< 2 years

0.10

>= 2 years to
< 3 years

0.10

3 years

0.10


These interest rates are effective from March 21, 2017. Interest rates are subject to change without any prior notice. Cumulative interest rates will vary based on the actual deposit tenure. Cumulative interest indicated above is applicable for the tenure shown alongside the rate.

Apply for a FCNR Deposit

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Important Information

Other Terms & Conditions

1 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.


90% of the Rupee equivalent of the amount in all your FCNR fixed deposit accounts 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.

3 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.

Non-Resident Indian (NRI) account and /or 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.

NRI deposits/ accounts are held with The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India) and are not insured by any insurance company or corporation outside India and are payable only at the branch of the Bank in India where the deposit is made.

Approved for issue in the UK by HSBC Bank plc. 8 Canada Square, London E14 5HQ. Deposits/investments made with non-UK members of the group do not benefit from the protection provided under the UK Financial Services and Markets Act 2000, including the UK Financial Services Compensation Scheme.

NR deposits with the Bank in India are not insured by Federal Deposit Insurance Corporation (FDIC) of the USA, nor by any other insurance company or corporation outside India and are payable only at the branch in India where the deposit is made.

Under current US tax laws, US citizens and residents are subject to tax on their worldwide income. You should consult your tax advisor for the US treatment of income from these deposits.

NRI accounts and services are offered by The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India). HSBC India is a branch of The Hongkong and Shanghai Banking Corporation Limited. The Hongkong and Shanghai Banking Corporation Limited has a Representative Office in the UAE licenced by the Central Bank of the United Arab Emirates.

Deposits/accounts held with HSBC India are not protected deposit and are not protected by Deposit Protection Scheme in Hong Kong.
For Residents within Kingdom of Bahrain, we remind you that deposits made with HSBC India do not benefit from the protection provided under the Deposit Protection Scheme established by the Central Bank of Bahrain regulation concerning the establishment of a Deposit Protection Scheme and a Deposit Protection Board.

NRI services are provided by HSBC India. HSBC India is the branch of The Hongkong and Shanghai Banking Corporation Limited and HSBC India is not regulated in Canada. NR deposits with the Bank in India are not insured by Canadian Deposit Insurance Corporation (CDIC), nor by any other insurance company or corporation outside India and are payable only at the branch of the Bank in India where the deposit is made. You should consult your tax advisor for the Canada treatment of income from these deposits.
Deposits and accounts held with HSBC India are not protected by the Australian Financial Claims Scheme.