How to open a Bank of India FCNR account

Aditya Shrivastava

Bank of India offers FCNR accounts to help NRIs earn interest on foreign currency income. Read on to learn about the different features and benefits of a Bank of India FCNR account, interest rates, eligibility, and how to open one.

Table of Contents

What is FCNR at Bank of India?

A Foreign Currency Non-Resident (FCNR) account is a term deposit account offered by many Indian banks to NRIs. Account holders can earn an attractive fixed interest rate on the deposit for a set number of years. What is unique about an FCNR account is that the money is held in a foreign currency, not in Indian rupees.

Bank of India offers FCNR accounts to NRIs in six different currencies. The accounts can earn interest for terms ranging from one to five years. If you are an existing banking customer with Bank of India but live outside India most of the year, an FCNR account can be a good option.¹

How to open an FCNR account at Bank of India?

Bank of India customers with an existing NRI relationship can open FCNR accounts from abroad through the bank’s Internet banking portal. Or, an existing customer can open an account in person at a qualified Bank of India NRI branch when visiting India.

NRIs who do not have an account with Bank of India must register and complete their KYC verification with the bank before opening an FCNR account.

Here is the FCNR account opening procedure at Bank of India.²

Opening Bank of India FCNR account online.

Bank of India customers can log into the Internet banking portal and request to open a deposit through the dashboard.

Another option is that eligible NRIs can access the Bank of India official website to open an FCNR account online. But note that this is a slower process than through Bank of India’s Internet banking portal.

  1. Download the application form from the website.
  2. Fill out the application form with your details.
  3. Select the currency and term of the deposit.
  4. Print the application form.
  5. Sign the application form.
  6. Attach the required documents and submit the form to the nearest branch of Bank of India.

If you need help with this process, you can contact Bank of India NRI services:

Opening Bank of India FCNR account in person

NRIs can open an FCNR account in person at a Bank of India branch during a visit to India.

  1. Visit a Bank of India NRI branch, or contact your local Bank of India branch to see if they can help open an NRI account.
  2. Request to open an FCNR account.
  3. Complete the account opening forms.
  4. Submit copies of the necessary documents and produce the originals for verification, if required.
  5. Fund the account with money from abroad.

Check out the sections later in this article for the documents you need and how to transfer money to an FCNR account.

Bank of India FCNR rates

The interest rates on a Bank of India FCNR account depend on the foreign currency in which you open the account and the deposit term. Often the rates on FCNR accounts are more attractive than deposit rates for the same currency outside of India.

Here are the interest rates on Bank of India FCNR deposit accounts:

Term deposit of 1 year to less than 2 years


Term deposit of 2 years to less than 3 years


Term deposit of 3 years to less than 4 years


Term deposit of 4 years to less than 5 years


Term deposit of 5 years


Rates checked on April 27, 2023.

To note:

  • Bank of India FCNR deposit interest rates are subject to change.

Premature withdrawal

You can withdraw funds from a Bank of India FCNR account before the term maturity. And the funds can be transferred out of India. However, if the account ends before 12 months, you will not receive any of the interest earned. If you break the account after 12 months, there is a penalty of 1%.³

How to transfer funds to a Bank of India FCNR account?

To start earning interest on a Bank of India FCNR account, you will need to make the deposit. The funds must come from abroad, except if you are rolling over an existing FCNR or have an NRE account in India. Here are a few ways to send money to fund an FCNR account at Bank of India:⁴

  • Money Transfer: Money transfer services are available globally, enabling you to fund your Bank of India FCNR deposit account from abroad. These services are available through a website or app, and are usually cheaper than banks. Just remember to shop around and compare transfer fees and exchange rates so you get the lowest-cost transfer.
  • International Wire Transfer: Bank of India is part of the SWIFT global network, which allows banks to send money to each other. A wire transfer from your resident country and bank can be sent to fund an FCNR account. This method can be slow or expensive, so review the delivery time and your exchange rate and fees.
  • Transfer from existing NRE or FCNR account: You can transfer funds from an existing FCNR account to fund the new account. You can also use an NRE account you have in India. Bank of India will convert the Indian rupee amount from your NRE into the designated foreign currency at its prevailing exchange rates.
  • Foreign Currency Notes: NRIs can deposit foreign currency notes or foreign traveler’s checks to fund their FCNR account when visiting a Bank of India branch.

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Features and benefits of Bank of India FCNR account

One of the biggest advantages of an FCNR account is that you can maintain the account in a foreign currency while earning Indian interest rates. It can also protect your earnings from volatility in the Indian rupee exchange rate. Here are some additional features of a Bank of India FCNR account.

  • Bank of India offers six global currencies.
  • The principal and interest can be transferred back to your resident country.
  • Interest earned is tax-free in India.
  • You can open a joint account with another NRI.
  • You can use your FCNR account as collateral for a loan.

If you prefer using online or digital services to manage your money, Bank of India may fall short. Consider other Indian banks if you are also looking for more loan term options and currencies.

Who can open an FCNR account at Bank of India?

Any NRI or Overseas Citizens of India (OCIs) can open an FCNR account in Bank of India. When opening the account, you may be asked to provide proof of your continued non-resident status.

An NRI is defined as an Indian citizen living outside India for more than 182 days a year.⁵

An NRI who is returning to India to live is considered a Returning Indian by Bank of India and is eligible to open an RFC account instead.⁶

Documents required to open an FCNR account in Bank of India

If you have an existing banking relationship with Bank of India, you can open an account online and you may only be asked to provide proof that you are still an NRI.

But if you are new to Bank of India, you will be asked to provide identity and residency proof to open an account. Here are some of the documents you may need:

  • Copy of a passport
  • Copy of a work or residence permit, if applicable
  • Copy of an OCI card, if applicable
  • Address proof overseas
  • Two passport-sized photos

You will be required to sign each of the copies, and Bank of India does hold the right to request any further documents it may need.

Currencies available in Bank of India FCNR account

You can open an FCNR account at Bank of India in any of these six currencies:⁷

  • US dollars
  • British pounds
  • Euros
  • Japanese yen
  • Canadian dollars
  • Australian dollars

Sources used for this article:

  1. Bank of India FCNR account
  2. Open an FCNR account with Bank of India
  3. Bank of India FCNR deposit interest rates
  4. Transferring funds to India
  5. Who is an NRI?
  6. NRI Information for Basic Queries about Account - BOI
  7. Documents required for opening Bank of India FCNR account

Cover photo by Romain Dancre on Unsplash.

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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