Your full guide to HDFC Bank FCNR account

HDFC bank offers a Foreign Currency Non-Resident (FCNR) account in 6 different currencies. Learn how FCNR accounts work, who is eligible, and how to open one.

What is FCNR at HDFC?

An FCNR account is a fixed-term deposit account for Non-Resident Indians to hold foreign currencies at their Indian bank. HDFC lets NRI customers transfer foreign currency earnings into a tax-free interest-bearing account. After the FCNR term is complete, it can be renewed, transferred to an Indian account, or back to the NRI resident country.

How to open an FCNR account in HDFC?

There are three main ways to open an FCNR account at HDFC. All three require submitting an application and documents. The list of documents is available towards the end of this article.

First, if you are an existing HDFC bank customer with an NRI account, you can head to the bank’s Netbanking to get started. Here are the steps:

1. Enter HDFC Netbanking
2. Tap on ​the ​Accounts tab
3. Tap on “Transact” on the left-hand menu
4. Find and tap on “Open FCNR FD”
5. Complete the application form and required details
6. Confirm your information and submit.

The bank will contact you on how to proceed and the next steps.

Another way to open an FCNR account is by completing this HDFC NRI form. You will need to provide your name and number and agree to be contacted by the bank. An HDFC representative will then reach out to you to help complete the process over the phone and online.

Lastly, if you are an NRI visiting India, you can head to a local HDFC bank branch and open an account in person. Just remember to bring the required documents with you. ¹

HDFC FCNR rates

HDFC FCNR accounts earn interest on the deposit. The interest rate depends on the currency and how long it is held. Here are the current FCNR rates at HDFC depending on the term length:²

Term deposit up to 1 year

Term deposit of 1 year 1 day - 2 years

Term deposit of 2 years 1 day - 3 years

Term deposit of 3 years 1 day - 4 years

Term deposit of 4 years 1 day - 5 years

Term deposit of 5 year

as of: March 27, 2023, effective: March 1, 2023

To note:

• Accounts in British pounds, Euros and Japanese Yen can only be 1-year terms.
• Rates are subject to change.
• No interest is paid if the funds are withdrawn within 12 months of opening.
• There is no penalty for closing the account early.

How to transfer funds to an HDFC FCNR account?

There are four main ways to send money to an HDFC FCNR term deposit account:³

• Transfer money from abroad using a service: Online money transfer providers can quickly and easily fund your account from a mobile or computer.
• Wire transfer from abroad to HDFC account: Wire transfers from your local bank to India can take a few days and come with high fees.
• Transfer money from an existing FCNR account at another bank: You can transfer the funds online or in person from an existing FCNR account in India.
• Deposit foreign currency notes or cheques at an HDFC bank branch in person: You can deposit foreign currencies at a bank branch to open an FCNR account, but it requires you to be in India.

Fund your FCNR account with Wise

Wise is a simple and low-cost way to send money for a FCNR deposit or to an NRI account. Wise uses the mid-market exchange rate and one transparent fee on every transfer- which can save you money. And funds can arrive in India within seconds on popular transfer routes.

And if you are an NRI, check out the Wise multi-currency account. It is a single account where you can hold, send and spend multiple currencies, including Indian rupees, Euros, British pounds, and US dollars. The Wise account lets you manage global currencies from your phone and has a debit card so you can spend like a local when travelling.

Open a Wise account and see how much you can save when sending money globally.

• Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.
• The speed of transaction claim depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions

Features and benefits of HDFC FCNR account

One of the main benefits of an FCNR account is avoiding exchange rate fluctuations. NRIs can keep the money in a foreign currency in an FCNR HDFC account without exchanging it for Indian rupees. The money can grow with interest and tax-free benefits.⁴

Here is a list of the features and benefits of an FCNR account:

• A FCNR is a term deposit
• Interest is earned tax-free in India during the term.
• The principal and interest can be transferred back to your resident country.
• Account holders can close an account without penalty fees.

Who can open an FCNR account at HDFC?

FCNR accounts are only available to Non-Resident Indians.⁵ A Non-Resident Indian is an Indian citizen or OCI who lives outside India for more than 182 days. ⁶

You must show proof of Non-Resident status through a visa, OCI, or work permit. An HDFC bank account is not required to open a new FCNR account.

Account holders can hold an FCNR jointly with another NRI but not an Indian resident.

Documents required to open an FCNR account in HDFC

Opening an FCNR account at HDFC is similar to opening an NRI account with the bank. You must provide proof of identity, address, citizenship status, and payment. Here is a breakdown of what you will need:

• A valid passport
• Proof of Non-Resident status, including OCI cards
• Proof of overseas address
• Proof of Indian address
• Copy of your Indian PAN card
• Passport-sized color photographs

The bank will inform you if you need to provide any additional documents.⁷

Currencies available in HDFC FCNR account

FCNR accounts at HDFC can be held in 6 different foreign currencies:

• US Dollars
• British Pounds
• Euro
• Japanese Yen
• Australian Dollars
• Canadian Dollars

To open an HDFC FCNR account, you will need to make a payment of at least the minimum initial deposit amount: ⁸