How to open a Bank of Maharashtra FCNR account

Bank of Maharashtra offers FCNR accounts to Non-Resident Indian customers. Read on to learn more about how FCNR accounts work, interest rates and how you can open one at Bank of Maharashtra.

What is FCNR at Bank of Maharashtra?

A Foreign Currency Non-Resident account, or FCNR, is a term deposit account that NRIs and OCIs can hold in India. The account is in a foreign currency and earns interest without converting the money into Indian rupees. It can be a way to earn attractive interest rates in India with an option to repatriate- or transfer back- the funds.

Bank of Maharashtra allows for FCNR accounts to be held in five major currencies. One unique feature of the bank is that there are half-year and quarter-year terms for accounts held longer than one year, compared to other Indian banks with only one to five-year terms.

How to open an FCNR account at the Bank of Maharashtra?

An FCNR account can only be opened by existing Non-Resident External (NRE) or Non-Resident Ordinary (NRO) account holders with a Customer ID at Bank of Maharashtra.

To open an FCNR account, it is recommended to contact Bank of Maharashtra first and ensure you follow the correct process to open the account. You will then need to complete the Account Opening Form for NRIs and select "FCNR account" at the top. Once it is filled out, you can submit the form and any supporting documents to your Bank of Maharashtra relationship manager.

You can reach Bank of Maharashtra NRI services at: nriservices@mahabank.co.in or on Whatsapp at +91 8956032176 for more information.

If you are in India, you can bring the completed form and any documents to your Bank of Maharashtra branch to open an FCNR account.

The FCNR account is only officially opened once it is funded. Check out the section below on ways to fund an FCNR or NRI account abroad.¹

Minimum deposit required

To open an FCNR account, you must fund it with at least the minimum deposit requirement. Here are the minimum deposits required by currency:

The US dollar account minimum is not listed.

Bank of Maharashtra FCNR interest rates

Bank of Maharashtra FCNR accounts earn interest during the life of the deposit. The interest rates depend on the length of the term and the currency of the account. Bank of Maharashtra offers term lengths that are more flexible than other Indian banks.

Here are the interest rates for FCNR accounts at Bank of Maharashtra:²

Term length of 12, 15, 18, 21 months

Term length of 24, 27 30, 33 months

Term length of 36, 39, 42, 45 months

Term length of 48, 51, 54, 57 months

Term length of 5 years

Rates updated as of April 15, 2023.

Note:

• Rates are subject to change.
• Accounts must be opened for a minimum of 12 months.

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

There are four main ways to fund an FCNR account at Bank of Maharashtra:

• Online money transfer: Multiple online services allow for direct transfers to a local account in India. The services are convenient to use and often offer fast transfers at a low cost. But shop around and compare transfer fees and exchange rates from different providers to find the best one.
• Wire transfer: The bank in your resident country likely offers international wire transfers, which allows for deposits to other global banks in the SWIFT network. Wire transfers can be a more traditional way to transfer money to India, and there can be high fees or marked-up exchange rates.
• Foreign currency notes deposit: If you are in India and opening a Bank of Maharashtra FCNR account in person, you can bring the foreign currency notes physically to the branch to make the deposit.
• Personal cheques: If you are opening a Bank of Maharashtra FCNR account in person in India, you can also provide a deposit through a personal cheque from your foreign bank account. This option can take longer than other methods as the cheque will need to be processed and cleared by the bank.
• Transfer from an existing NRE or FCNR account: If you have an existing FCNR account at another Indian bank or an NRE account in India, you can transfer money from either to fund a new FCNR account. If you transfer funds from an NRE account, the money will be converted at Bank of Maharashtra’s exchange rate.

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Features and benefits of a Bank of Maharashtra FCNR account

Here are some of the benefits of opening a Bank of Maharashtra FCNR account:

• It can be opened alongside your NRI accounts.
• The deposit earns interest at rates that are more attractive than abroad.
• Both the principal and interest can be transferred back to the residence country.
• Interest earned is tax-free in India.
• Bank of Maharashtra offers unique term lengths compared to other Indian banks.

Opening a Bank of Maharashtra FCNR account is a good idea if you already have an established relationship with the bank.

Who can open an FCNR account at the Bank of Maharashtra?

Only Non-Resident Indians and Overseas Citizens of India can open an FCNR account with Bank of Maharashtra.

To qualify as an NRI, you must live outside India for more than 182 days in the last year.³ OCIs must show proof of a foreign passport and an OCI card to qualify.

Bank of Maharashtra allows two NRIs or OCIs to open a joint FCNR account. NRIs can open an FCNR account with a resident Indian as long as the resident is listed as a 'former or survivor' on the account.

NRIs who have returned to India and have stayed more than 12 months can consider opening a Resident Foreign Currency Account.

Documents required to open an FCNR account at Bank of Maharashtra

To open an FCNR account at the Bank of Maharashtra, you must first open an NRI account. Here are the required documents to open an NRI account:⁴

• Copy of your passport.
• Copy of Permanent Account Number (PAN).
• Copy of Form 60 (if you don’t have a PAN).
• Copy of valid work permit or visa for residence country.
• Copy of OCI (if applicable).
• One passport photo.
• Copy of address proof overseas or in India (the address has to match the address on the application form).
• Transfer or cheque for funding the account.

Once your NRI accounts are open, you can request your Bank of Maharashtra branch to open an FCNR account. There may be an FCNR account opening facility through Bank of Maharashtra’s net banking, but contacting the bank first is a good idea. You won’t need to submit any additional documents unless specifically required.

However, the FCNR account needs to be fully funded to start earning interest.

Currencies available for a Bank of Maharashtra FCNR account

FCNR accounts at the Bank of Maharashtra can be opened in the following five currencies:

• US dollars
• British pounds
• Euros
• Canadian Dollars
• Australian dollars