14 thoughts on “Best FCNR Deposit Rates for US Dollars ★ April 2021”

  1. What kind of Deposit Insurance is available on the USD deposits in CDs.
    With all the Bank frauds and bank insolvencies we hear on the news I am wondering if it is safe to put the hard earned savings in Indian banks.

  2. Hi

    want to invest NRE FD with forward contract for 5 year, Bank offering return is 9.6%final yield where NRE FD is Just 7.6 to 8% also i don’t have plan to re convert back to foreign account or in other words only used in India

    My Question is today I have NRI status but might be after 5 year or before maturity my status will not NRI or I am normal Indian Residence then In that condition what will be taxes liability, did I need to pay taxes on Interest earn on FCNR forward contract or not
    And this project is good or not ??

    I asked same Question to bank RM but look like they don’t have clear Idea on this

    1. Subramanian Murthy

      The previous year in which you become a resident under FEMA the interest becomes taxable from that year. You are suppose to declare to the Bank that you have become a resident but this will continue to be treated as NRE deposit by bank. There will be no TDS but you have to calculate your interest and pay advance tax and offer it to tax.

  3. Your rates are not updated. For example Karur Vysya bank change their rate every month. Please update if not it is point less to check your site as it would be better to go to the respective bank website and check the same.

    two year tenor is 4.09 and not 4.16

  4. Hi.. Good information… I am staying in UAE.. and planning to relocate to India next year.. till how long I can have FCNR deposits after coming back… where my residence visa will we cancelled.

  5. HI, IDFC Bank also offer FCNR Deposits in US$, GBP & Euro. Interest rate link is provided here. They have better interest rates in US% than almost all the banks. 3.75% & 3.8% for US$


  6. I have FCNR account in Bank of Baroda Andheri West. I am resident in South Africa. How do I close the account and how long does it take?

    1. Please call BoB customer care for more information. If you have NRE account linked to the FCNR you can redeem it directly to the NRE account.

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