{"id":8030,"date":"2021-04-09T03:00:00","date_gmt":"2021-04-08T21:30:00","guid":{"rendered":"http:\/\/www.apnaplan.com\/?p=8030"},"modified":"2021-04-12T01:13:40","modified_gmt":"2021-04-11T19:43:40","slug":"best-fcnr-deposit-rates-usd","status":"publish","type":"post","link":"https:\/\/www.apnaplan.com\/best-fcnr-deposit-rates-usd\/","title":{"rendered":"Best FCNR Deposit Rates for US Dollars \u2605 April 2021"},"content":{"rendered":"\n

FCNR Deposit<\/strong> (Foreign Currency Non Resident)<\/strong> account is a fixed deposit account offered by banks in India to non resident Indians (NRIs) and is operated in foreign currency. These are quite popular investments for NRIs because of the higher interest rate offered by banks in India<\/strong> as compared to their country of residence. For e.g. As of today State Bank of India offers 1.53% interest on its FCNR (US Dollar) deposit for 5 year term; in comparison Wells Fargo offers 0.02% for all tenures of CD Deposit (Fixed deposit).<\/p>\n\n\n\n

The second benefit is the principal and interest earned is fully repatriable,<\/strong> which means NRIs can transfer their money back without much formalities.<\/p>\n\n\n\n

The third benefit is the investor has NO currency exchange risk<\/strong> as you deposit in foreign currency, the interest earned is in foreign currency and when you withdraw you get back the amount in currency in which the deposit was made.<\/p>\n\n\n\n

The fourth benefit is the interest earned on FCNR deposits are tax free in India.<\/strong> However it may be taxable in their country of residence.<\/p>\n\n\n\n

Get Best NRE Fixed Deposit Interest Rates<\/strong><\/strong><\/h4>

NRE Fixed Deposit scheme is a very popular investment option for NRIs. The interest earned is tax free. To help you choose the best NRE FD, we compare the interest rates on fixed deposit across all major 48 banks in India including government, private, foreign and small financial banks<\/a> in India every month.<\/p><\/div><\/div>\n\n\n\n

Most banks accept deposit in USD (US Dollar), GBP (Pound), EUR (Euro), AUD (Australian Dollar), CAD (Canada Dollar), CHF (Swiss Franc), SGD (Singapore Dollar), JPY (Japan Yen). A few banks also accept deposit in HKD (Hong Kong Dollar), NZD (New Zealand Dollar) and SEK (Swedish Krona).<\/p>\n\n\n\n

This post compares the interest rate offered on US Dollar FCNR Deposits.<\/strong><\/p>\n\n\n\n

\"Best
Best FCNR Deposit Rates for US Dollars – April 2021<\/strong><\/figcaption><\/figure><\/div>\n\n\n\n

US Dollar FCNR Deposit Rates<\/h2>\n\n\n\n

The table below compares the interest rates offered on US Dollar FCNR deposits across various tenures. The highest FCNR rates have been highlighted.<\/span><\/p>\n\n\n\n

As can be seen Ratnakar Bank, Yes Bank, Tamilnad Mercantile Bank, Karur Vysya Bank & IDFC First Bank pays highest interest on FCNR deposits in US Dollars.<\/strong><\/p>\n\n\n\n

Bank<\/th>1 year<\/th>2 Years<\/th>3 Years<\/th>4 Years<\/th>5 Years<\/th><\/tr><\/thead>
Axis Bank<\/td>0.50%<\/td>0.30%<\/td>0.45%<\/td>0.55%<\/td>0.60%<\/td><\/tr>
Bandhan Bank<\/td>0.98%<\/td>1.05%<\/td>1.27%<\/td>1.53%<\/td>1.78%<\/span><\/td><\/tr>
Bank of Baroda<\/td>0.58%<\/td>0.65%<\/td>0.87%<\/td>1.13%<\/td>1.38%<\/td><\/tr>
Bank of India<\/td>0.98%<\/td>1.05%<\/td>1.27%<\/td>1.53%<\/td>1.78%<\/span><\/td><\/tr>
Canara Bank<\/td>0.98%<\/td>1.05%<\/td>1.27%<\/td>1.53%<\/td>1.78%<\/span><\/td><\/tr>
City Union Bank<\/td>0.73%<\/td>0.80%<\/td>1.02%<\/td>1.28%<\/td>1.53%<\/td><\/tr>
DCB Bank<\/td>1.25%<\/td>1.25%<\/td>1.00%<\/td>1.00%<\/td>1.00%<\/td><\/tr>
Dhanalakshmi Bank<\/td>1.22%<\/td>0.26%<\/td>0.44%<\/td>0.65%<\/td>0.87%<\/td><\/tr>
HDFC Bank<\/td>0.01%<\/td>0.01%<\/td>0.01%<\/td>0.01%<\/td>0.20%<\/td><\/tr>
ICICI Bank<\/td>0.23%<\/td>0.30%<\/td>0.52%<\/td>0.78%<\/td>1.03%<\/td><\/tr>
IDBI Bank<\/td>0.98%<\/td>1.05%<\/td>1.27%<\/td>1.53%<\/td>1.78%<\/span><\/td><\/tr>
IDFC Bank<\/td>0.75%<\/td>1.25%<\/td>1.75%<\/span><\/td>2.70%<\/span><\/td>1.00%<\/td><\/tr>
Induslnd Bank<\/td>1.30%<\/td>1.30%<\/td>1.35%<\/td>1.50%<\/td>1.60%<\/span><\/td><\/tr>
Karnataka Bank<\/td>0.83%<\/td>0.90%<\/td>1.32%<\/td>1.58%<\/span><\/td>1.83%<\/span><\/td><\/tr>
Karur Vysya Bank<\/td>1.49%<\/td>1.41%<\/td>1.92%<\/span><\/td>2.03%<\/span><\/td>2.28%<\/span><\/td><\/tr>
Kotak Mahindra Bank<\/td>0.10%<\/td>0.10%<\/td>0.01%<\/td>0.01%<\/td>0.01%<\/td><\/tr>
Punjab National Bank<\/td>0.98%<\/td>1.05%<\/td>1.27%<\/td>1.53%<\/td>1.78%<\/span><\/td><\/tr>
Ratnakar Bank<\/td>1.95%<\/span><\/td>2.00%<\/span><\/td>2.50%<\/span><\/td>2.60%<\/span><\/td>2.70%<\/span><\/td><\/tr>
South Indian Bank<\/td>0.88%<\/td>0.90%<\/td>1.12%<\/td>1.38%<\/td>1.63%<\/span><\/td><\/tr>
State Bank of India<\/strong><\/td>0.73%<\/strong><\/td>0.80%<\/strong><\/td>1.02%<\/strong><\/td>1.28%<\/strong><\/td>1.53%<\/strong><\/td><\/tr>
Tamilnad Mercantile Bank<\/td>1.23%<\/td>1.30%<\/td>1.47%<\/td>1.93%<\/span><\/td>2.18%<\/span><\/td><\/tr>
Yes Bank<\/td>1.40%<\/td>1.50%<\/td>1.70%<\/span><\/td>1.75%<\/span><\/td>1.80%<\/span><\/td><\/tr>
Wells Fargo\u00a0(US benchmark)<\/strong><\/td>0.02%<\/strong><\/td>0.02%<\/strong><\/td>0.02%<\/strong><\/td>0.02%<\/strong><\/td>0.02%<\/strong><\/td><\/tr><\/tbody><\/table>
US Dollar FCNR Deposit Rates – April 2021<\/strong><\/figcaption><\/figure>\n\n\n\n

How much Taxes you Need to Pay this Year? <\/strong>Download Our Income Tax Calculator to Know your Numbers<\/h4>

Do you know how much tax you need to pay for the year? Have you taken benefit of all tax saving rules and investments? Should you use the “NEW” tax regime or continue with the old one? In case you have all these questions just Download the Free Excel Income Tax Calculator for FY 2021-22 (AY 2022-23)<\/a> and get your answers.<\/p><\/div><\/div>\n\n\n\n

FCNR Account Rules<\/h2>\n\n\n\n