IDBI Bank FCNR Deposit scheme allows term deposits in currencies like USD, GBP, EURO, AUD , CAD, HKD, SGD, CHF & JPY from NRI’s/PIO’s.
Invest in IDBI Bank FCNR deposits and insulate against currency fluctuations. The minimum deposit amount is USD 1,000 or its equivalent in other currencies. NRI’s can make deposits by remittances from abroad or by transfer of funds from NRE accounts.
Entire balance, including interest earned thereon can be freely repatriated abroad.
Entire interest income from a FCNR account is exempt from Income Tax under the provisions of Income Tax Act in India.
IDBI Bank FCNR Deposits Scheme Features
- Attractive Interest rates
- FD Tenure – 1 year to 5 years
- Currencies accepted –USD, GBP, EURO, AUD , CAD, HKD, SGD, CHF & JPY
- Interest payout at Half-Yearly intervals or Cumulative interest credit on maturity
- No penalty on pre-mature closure. No interest will be paid on FCNR deposits closed pre-maturely in less than a year
- Interest payable on prematurely withdrawn deposits will be the contracted rate or the rate applicable for which the deposit remained with the Bank, whichever is lower
- Easy loan against deposits
- Automatic renewal of deposit on maturity if instructed accordingly