FCNR Deposit Account

HSBC IN
NRI
FCNR Deposit Account

Why choose our FCNR Deposit account?

With our Foreign Currency Non-Resident (FCNR) Account, you can earn tax-free interest on your foreign earnings. Plus, as your money stays in the original currency, you won't lose out exchanging it to and from rupees.

Earn tax-free interest in India on your foreign earnings[@nri-tax]
Select a tenure of up to 3 years, with the option to auto-renew[@nri-deposit-auto-renewal]
Choose from 9 currencies including US dollars, British pounds and Canadian dollars
No limit on transfers to and from India once your deposit matures, as the account is fully repatriable
View your balance easily at any time in our app or online

Ready to apply?

Interest rates

Here's how much interest you could earn on your savings:

Interest rates for USD:
Type of interest	1 year to less than 2 years	2 years to less than 3 years	3 years
Simple interest	4.25% p.a.	3.75% p.a.	3.25% p.a.
Cumulative interest	4.25% p.a.	3.75% p.a.	3.25% p.a.

Interest rates for USD:
Type of interest	Simple interest
1 year to less than 2 years	4.25% p.a.
2 years to less than 3 years	3.75% p.a.
3 years	3.25% p.a.

Type of interest	Cumulative interest
1 year to less than 2 years	4.25% p.a.
2 years to less than 3 years	3.75% p.a.
3 years	3.25% p.a.

Interest rates for GBP:
Type of interest	1 year to less than 2 years	2 years to less than 3 years	3 years
Simple interest	4.0% p.a.	0.5% p.a.	0.5% p.a.
Cumulative interest	4.0% p.a.	0.5% p.a.	0.5% p.a.

Interest rates for GBP:
Type of interest	Simple interest
1 year to less than 2 years	4.0% p.a.
2 years to less than 3 years	0.5% p.a.
3 years	0.5% p.a.

Type of interest	Cumulative interest
1 year to less than 2 years	4.0% p.a.
2 years to less than 3 years	0.5% p.a.
3 years	0.5% p.a.

Interest rates for EUR:
Type of interest	1 year to less than 2 years	2 years to less than 3 years	3 years
Simple interest	0.01% p.a.	0.01% p.a.	-
Cumulative interest	0.01% p.a.	0.01% p.a.	-

Interest rates for EUR:
Type of interest	Simple interest
1 year to less than 2 years	0.01% p.a.
2 years to less than 3 years	0.01% p.a.
3 years	-

Type of interest	Cumulative interest
1 year to less than 2 years	0.01% p.a.
2 years to less than 3 years	0.01% p.a.
3 years	-

Interest rates for JPY:
Type of interest	1 year to less than 2 years	2 years to less than 3 years	3 years
Simple interest	0.01% p.a.	0.01% p.a.	-
Cumulative interest	0.01% p.a.	0.01% p.a.	-

Interest rates for JPY:
Type of interest	Simple interest
1 year to less than 2 years	0.01% p.a.
2 years to less than 3 years	0.01% p.a.
3 years	-

Type of interest	Cumulative interest
1 year to less than 2 years	0.01% p.a.
2 years to less than 3 years	0.01% p.a.
3 years	-

Interest rates for AUD:
Type of interest	1 year to less than 2 years	2 years to less than 3 years	3 years
Simple interest	0.10% p.a.	0.10% p.a.	-
Cumulative interest	0.10% p.a.	0.10% p.a.	-

Interest rates for AUD:
Type of interest	Simple interest
1 year to less than 2 years	0.10% p.a.
2 years to less than 3 years	0.10% p.a.
3 years	-

Type of interest	Cumulative interest
1 year to less than 2 years	0.10% p.a.
2 years to less than 3 years	0.10% p.a.
3 years	-

Interest rates for CAD:
Type of interest	1 year to less than 2 years	2 years to less than 3 years	3 years
Simple interest	0.10% p.a.	0.10% p.a.	-
Cumulative interest	0.10% p.a.	0.10% p.a.	-

Interest rates for CAD:
Type of interest	Simple interest
1 year to less than 2 years	0.10% p.a.
2 years to less than 3 years	0.10% p.a.
3 years	-

Type of interest	Cumulative interest
1 year to less than 2 years	0.10% p.a.
2 years to less than 3 years	0.10% p.a.
3 years	-

Interest rates for DKK:
Type of interest	1 year to less than 2 years	2 years to less than 3 years	3 years
Simple interest	0.01% p.a.	0.01% p.a.	0.01% p.a.
Cumulative interest	0.01% p.a.	0.01% p.a.	0.01% p.a.

Interest rates for DKK:
Type of interest	Simple interest
1 year to less than 2 years	0.01% p.a.
2 years to less than 3 years	0.01% p.a.
3 years	0.01% p.a.

Type of interest	Cumulative interest
1 year to less than 2 years	0.01% p.a.
2 years to less than 3 years	0.01% p.a.
3 years	0.01% p.a.

Interest rates for CHF:
Type of interest	1 year to less than 2 years	2 years to less than 3 years	3 years
Simple interest	0.01% p.a.	0.01% p.a.	0.01% p.a.
Cumulative interest	0.01% p.a.	0.01% p.a.	0.01% p.a.

Interest rates for CHF:
Type of interest	Simple interest
1 year to less than 2 years	0.01% p.a.
2 years to less than 3 years	0.01% p.a.
3 years	0.01% p.a.

Type of interest	Cumulative interest
1 year to less than 2 years	0.01% p.a.
2 years to less than 3 years	0.01% p.a.
3 years	0.01% p.a.

Interest rates for SEK:
Type of interest	1 year to less than 2 years	2 years to less than 3 years	3 years
Simple interest	0.01% p.a.	0.01% p.a.	0.01% p.a.
Cumulative interest	0.01% p.a.	0.01% p.a.	0.01% p.a.

Interest rates for SEK:
Type of interest	Simple interest
1 year to less than 2 years	0.01% p.a.
2 years to less than 3 years	0.01% p.a.
3 years	0.01% p.a.

Type of interest	Cumulative interest
1 year to less than 2 years	0.01% p.a.
2 years to less than 3 years	0.01% p.a.
3 years	0.01% p.a.

Cumulative interest rates will vary depending on the tenure of your deposit. Rates are subject to change without any prior notice.

These rates came into effect on 23 November 2023.

Things to know before you apply

Who can apply for an FCNR Deposit Account?

To apply for an FCNR Deposit Account, you must be a non-resident Indian (NRI), a person of Indian origin (POI), an overseas citizen of India (OCI) or a seafarer employed with foreign vessels.

Additional eligibility criteria may apply.

Here's the minimum amount you'll need to deposit to open an account:
Currency	Minimum deposit
US dollars (USD)	USD1,000
British pound (GBP)	GBP500
Japanese yen (JPY)	JPN125,000
Euro (EUR)	EUR750
Canadian dollars (CAD)	CAD1,500
Australian dollars (AUD)	AUD1,500
Danish krone (DKK)	DKK1,000
Swiss francs (CHF)	CHF1,000
Swedish krona (SEK)	SEK1,000

Here's the minimum amount you'll need to deposit to open an account:
Currency	US dollars (USD)
Minimum deposit	USD1,000

Currency	British pound (GBP)
Minimum deposit	GBP500

Currency	Japanese yen (JPY)
Minimum deposit	JPN125,000

Currency	Euro (EUR)
Minimum deposit	EUR750

Currency	Canadian dollars (CAD)
Minimum deposit	CAD1,500

Currency	Australian dollars (AUD)
Minimum deposit	AUD1,500

Currency	Danish krone (DKK)
Minimum deposit	DKK1,000

Currency	Swiss francs (CHF)
Minimum deposit	CHF1,000

Currency	Swedish krona (SEK)
Minimum deposit	SEK1,000

You can open a joint account with another NRI or a resident Indian.

If the joint account holder is a resident Indian, the account must be operated on a former or survivor basis. This is where only one person, the 'former' (the NRI), can operate the account while they're alive. If the former dies before the 'survivor' (the other joint account holder), the survivor can take over.

To open a joint account, you and the joint account holder will need to come into an HSBC branch in India or overseas. If it's overseas, please make an appointment first by contacting us or your nearest branch directly.

Adding a power of attorney

You can grant a power of attorney (also known as a 'POA') to a family member in India, which gives them the power to perform certain transactions with your account.

You can set up a power of attorney by visiting one of our branches, either with a completed power of attorney form or without one (you'll need to complete one in branch if you don't have one). Please contact us for more details or to arrange an appointment.

Adding a nominee

A nominee is someone who would take control of your account if you were to die.

You can add a nominee to your account quickly and easily through online or mobile banking, or by visiting one of our branches.

Ready to apply for an FCNR Deposit Account?

Get a callback straight away and your account could be open in just 4 hours from the moment you submit your documents.

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Frequently asked questions

To apply for an FCNR Deposit Account, you must be a non-resident Indian (NRI), a person of Indian origin (POI), an overseas citizen of India (OCI) or a seafarer employed with foreign vessels.

Additional eligibility criteria may apply.

An FCNR account is a fixed deposit account that only lets you deposit foreign currency.

FCNR accounts are a good investment option for NRIs, especially if you live in a country or territory where local banks offer low interest rates.

Like all term deposit accounts, it comes with a lock-in period. This means you need to keep your money in your FCNR account for either:

1 to 2 years: EUR, JPY, CAD, AUD
1 to 3 years: USD, GBP, DKK, CHF, SEK

Yes. With a non-resident external (NRE) account, you can deposit any foreign income into an FCNR account in India. The foreign currency will be converted into rupees at the current exchange rate.

You can open an FCNR account with:

Money transferred in foreign currency through your banking channels
A transfer from your NRE account
A foreign currency cheque drawn in favour of the bank

Learn more about an FCNR deposit account.

An FCNR account works like a regular fixed deposit account, except you can only deposit foreign currency.

FCNR accounts are a good investment option for NRIs, especially if you live in a country or territory where local banks offer low interest rates.

Like all term deposit accounts, it comes with a lock-in period. This means you need to keep your money in your FCNR account for either:

1 to 2 years: EUR, JPY, CAD, AUD
1 to 3 years: USD, GBP, DKK, CHF, SEK

The maximum tenure for an FCNR account with HSBC is:

2 years for deposits in Euros, Japanese yen, Canadian dollars and Australian dollars
3 years for deposits in US dollars, British pounds, Danish krone, Swiss francs and Swedish krona

Yes. However, you'll either get no interest or a lower rate of interest than you would have done if you'd kept your money saved until maturity.

If you withdraw your money within a year, you won't get any interest.

If you withdraw your money after more than a year but before maturity, there will be a 1% penalty on your interest rate for premature withdrawal. For example, if you were supposed to get a rate of 2.00%, you'll get 1.00% instead.

Partial withdrawals are not allowed.

RFC Deposit Account

An account for returning NRIs who want to keep their savings in foreign currency.

FCNR account: Features and benefits

A foreign current non-resident (FCNR) account allows non-resident Indians to deposit their foreign earnings in term deposits in India.

Fees and charges for international money transfers

Discover the fair and simple fees for sending money from India to all over the world securely.

Notes

All foreign currency transactions through HSBC India are subject to applicable taxes.

Goods and Services Tax (GST) regulations and notified GST rates, Central GST and, State/Union Territory GST, and Cess as applicable or Inter-State GST, as applicable, would apply on our fees and charges.

The transaction value for forex conversion services is calculated as shown in the table.

**Currency transfer fees**
Currency transfer fees of currency exchanged	Value of Supply
Up to ₹100,000	1% of gross amount exchanged, subject to minimum amount of ₹250
From ₹100,001 to ₹10,00,000	₹1000 plus 0.5% of gross amount exchanged
Above ₹10,00,000	₹5500 plus 0.1% of gross amount exchanged, subject to maximum of ₹60,000

**Currency transfer fees**
Currency transfer fees of currency exchanged	Up to ₹100,000
Value of Supply	1% of gross amount exchanged, subject to minimum amount of ₹250

Currency transfer fees of currency exchanged	From ₹100,001 to ₹10,00,000
Value of Supply	₹1000 plus 0.5% of gross amount exchanged

Currency transfer fees of currency exchanged	Above ₹10,00,000
Value of Supply	₹5500 plus 0.1% of gross amount exchanged, subject to maximum of ₹60,000

Non-Resident Indian (NRI) accounts 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.

The deposit is being taken by The Hongkong and Shanghai Banking Corporation Limited, India, a banking Company incorporated under the Companies Ordinance of the Hongkong Special Administrative Region (HKSAR), having its registered office at 1, Queen’s Road Central, Hongkong, having its India Corporate Office at 52/60, Mahatma Gandhi Road, Fort, Mumbai - 400 001. The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India) is regulated for any deposit taking business by Reserve Bank of India. If you have a complaint about our deposit taking business, which cannot be resolved to your satisfaction by ourselves, then you may be able to refer this to Grievance Redressal Mechanism of the Bank. Your deposit may be guaranteed under Deposit Insurance and Credit Guarantee Corporation (DICGC) which covers most types of deposit-taking business in the instance that we cannot meet our obligations. The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India) has paid up capital and reserves of INR M 461,968 as at 31 March 2025.

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.

Why choose our FCNR Deposit account?

Interest rates

US dollar (USD) rates

British pound sterling (GBP) rates

Euro (EUR) rates

Japanese yen (JPY) rates

Australian dollar (AUD) rates

Canadian dollar (CAD) rates

Danish krone (DKK) rates

Swiss franc (CHF) rates

Swedish krona (SEK) rates

Things to know before you apply

Who can apply for an FCNR Deposit Account?

Minimum deposit amounts

Joint accounts

Adding a power of attorney or nominee

Account documents and useful links

Ready to apply for an FCNR Deposit Account?

Frequently asked questions

Who can open an FCNR account?

What is an FCNR account?

Can I transfer money from an NRE account to an FCNR account?

How does an FCNR account work?

What is the maximum tenure for an FCNR account?

Can I withdraw my money early?

You might also be interested in

RFC Deposit Account

FCNR account: Features and benefits

Fees and charges for international money transfers

Notes

Revised Goods and Services Tax information

Disclaimer

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