How to open a Yes Bank FCNR account

Aditya Shrivastava

Yes Bank is one of many Indian banks that offer FCNR accounts to Non-Resident Indians (NRIs) and OCIs. Learn more about FCNR accounts, opening one at Yes Bank, and the interest rates you can earn.

Table of Contents

What is FCNR at Yes?

FCNR is short for Foreign Currency Non-Resident account. FCNR accounts let NRIs and OCIs earn attractive interest rates on foreign currency deposits with an account in India. FCNR accounts are term deposits generally held for one to five years. An FCNR account differs from an RFC deposit account since an FCNR is held in India in foreign currency.

With eight currency options, Yes Bank has more options for FCNR foreign currencies than other Indian banks. Yes Bank also has all term lengths available, and NRIs can hold accounts jointly with another NRI.¹

How to open an FCNR account in Yes Bank?

Both existing and new NRI customers can open an FCNR deposit account in Yes Bank. However, new NRI customers will need to contact a Yes Bank representative first to get started.

Existing NRI customers can open their FCNR deposit online and in person at designated Yes Bank branches.

Here are the steps for opening a Yes Bank FCNR deposit account.²

Opening a Yes Bank FCNR deposit account online

  1. Existing NRI customers of Yes Bank can open their FCNR account online with Net Banking.
  2. Enter your login details and password.
  3. From your dashboard, select deposits.
  4. Select FCNR deposit account opening and complete the process as shown on the screen.
  5. Select your currency and deposit term length.
  6. Fund your new FCNR account.

Alternatively, new NRI customers can request a callback from Yes Bank customer service representatives to help through the process:

  1. Visit the Yes Bank FCNR webpage.
  2. Click the Request Callback option.
  3. Enter your name, mobile number, phone number, and email ID.
  4. Select your country of residence.
  5. Select the account type from the drop-down options available.
  6. Provide the captcha confirmation and click on ‘Submit.’
  7. A Yes Bank official will contact you to complete the registration formalities.

Once registered, you can open the FCNR deposit online through Yes Bank Net Banking.

Opening a Yes Bank FCNR deposit in person

Existing and new NRI customers can visit the designated NRI services branches of Yes Bank in person and open an FCNR account.

  1. Locate a Yes Bank branch.
  2. Contact the Yes Bank Relationship Manager and submit the necessary documents.
  3. The Relationship Manager will help you complete the FCNR account opening formalities and fund the account.

This option is ideal when you visit India and have all your documents, like overseas address proof, with you. See the later section about what documents you may need if you are new to Yes Bank.

Yes Bank FCNR rates

Yes Bank FCNR accounts earn interest on the deposit. The interest rate depends on the currency and the length of the term. The interest rates are higher for shorter-term deposits rather than longer-term options.

Here are the Yes Bank FCNR deposit interest rates

Term deposit of one year to less than two years

1 year to less than 2 years
US dollars5.55%
British pounds4.50%
Euros2.15%
Japanese Yen.05%
Canadian dollars3.50%
Australian dollars4.30%
Hong Kong dollars3.00%
Singapore dollars3.95%

Term deposit of two years to less than three years

2 years to less than 3 years
US dollars5.30%
British pounds4.60%
Euros2.70%
Japanese Yen1.50%
Canadian dollars3.75%
Australian dollars4.00%
Hong Kong dollars3.00%
Singapore dollars3.15%

Term deposit of three years to less than four years

3 years to less than 4 years
US dollars4.50%
British pounds4.00%
Euros2.00%
Japanese Yen1.25%
Canadian dollars3.75%
Australian dollars4.10%
Hong Kong dollars1.35%
Singapore dollars1.40%

Term deposit of four years to less than five years

4 years to less than 5 years
US dollars4.30%
British pounds4.00%
Euros2.00%
Japanese Yen0.05%
Canadian dollars3.75%
Australian dollars4.10%
Hong Kong dollars1.35%
Singapore dollars1.40%

Term deposit of 5 years

5 years
US dollars4.30%
British pounds4.00%
Euros2.00%
Japanese Yen1.10%
Canadian dollars3.60%
Australian dollars4.10%
Hong Kong dollars1.35%
Singapore dollars1.40%

Rates as of April 9, 2023
Updated as of April 15, 2023

To note:

  • Yes Bank FCNR deposit interest rates are subject to change.
  • US dollar accounts with more than $1 million US dollars have different rates.
  • NRIs should contact their Relationship Manager for interest rates on FCNR for $5 million US dollars or more.
  • Yes Bank pays no interest on FCNR deposits held for less than one year.

Premature Withdrawal from an FCNR

Yes Bank does have a penalty if you do need the money in your FCNR account before the maturity date. Here is what to expect:

FCNR Deposit Tenure (Completed)Applicable Penalty Rate on the Interest Amount
Less than 12 monthsInterest is forfeited.
12 months or more0.05%

How to transfer funds to the Yes Bank FCNR account?

There are multiple ways to transfer money from abroad to an FCNR account at Yes Bank. There is one exception where NRIs can use money already in India. Here are the methods to fund an FCNR account:⁴

  • Online Money Transfers - online money transfer services let you transfer money from abroad directly to a bank account in India. These services are often convenient, offer quick transfers, and provide competitive pricing, but keep an eye on transfer fees and if there is a marked-up exchange rate.
  • Wire Transfer - Yes Bank lets NRIs wire money from overseas bank accounts to a Yes Bank NRI, and FCNR account through the global SWIFT network. Customers can initiate the wire transfer with their local bank by providing instructions. Wire transfers are accepted in multiple currencies but can come with bank transfer fees and a marked-up exchange rate.
  • Deposit Foreign Currency Check- NRIs can visit their local Yes Bank branches in India and deposit a foreign currency check or demand draft for funding their FCNR deposits. The bank sends the check for processing and funds the account after processing, which can take longer than other funding options.
  • Exchange Houses - NRIs residing in the GCC region of the Middle East can send money to their Yes Bank FCNR accounts through local Exchange Houses. The funds can be credited directly to the FCNR account, often within a few hours. Yes Bank has partnerships with various exchange houses in the region.
  • Transfer from NRE Accounts - NRIs can transfer money from their existing NRE accounts to fund an FCNR account. The NRE account can be with Yes Bank or another bank in India. This is the only option for a domestic transfer, and Yes Bank will convert the Indian rupees to the chosen foreign currency at the bank’s exchange rate.

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Features and benefits of Yes Bank FCNR account

One of the benefits of an FCNR account is that you can earn interest on a foreign currency deposit in India and avoid fluctuations in the Indian rupee exchange rate, often at higher interest rates than at banks overseas.

Here are the benefits of opening an FCNR account at Yes Bank:

  • You can fully repatriate the principal and earned interest, which means you can transfer the entire amount back to your resident country.
  • You can open Yes Bank FCNR accounts in one of eight global currencies.
  • The interest earned on FCNR deposits is not taxable in India.
  • Yes Bank allows joint account holders if both applicants are NRIs or OCIs.
  • Yes Bank has an app to help manage your account from your phone.

Who can open an FCNR account at Yes Bank?

Only NRIs and OCIs can open an FCNR account with Yes Bank.⁵ FCNR accounts are not available to resident Indians.

An NRI is an Indian citizen living abroad for more than 182 days in a financial year. OCIs are foreign citizens with an Overseas Citizen of India card.⁶

A Yes Bank customer can only open FCNR accounts. If you are new to Yes Bank, you must open an NRI account - Non-Resident Ordinary or Non-Resident External- to open an FCNR.

Documents required to open an FCNR account in Yes Bank

The documents you’ll need to open a Yes Bank FCNR account depend on your relationship with the bank. Existing NRI customers don’t need to provide additional documents when opening an FCNR deposit through Net Banking. However, you might be requested to provide proof of your continuing NRI status.

New NRI customers must register with Yes Bank using the Request Callback button online or by approaching a Yes Bank relationship manager in person. If you are new to Yes Bank and are opening a new NRI account, you will be asked for the following documents:⁷

  • Self-attested copy of your valid Indian passport or foreign passport if OCI.
  • Self-attested copy of a residence permit, work or student visa, or OCI card.
  • Self-attested copy of an address proof, such as a recent bank statement, credit card statement, or utility bill.

Currencies available in Yes Bank FCNR account

Yes Bank offers FCNR deposit accounts in the following eight foreign currencies:⁸

  • US Dollars
  • British Pounds
  • Euros
  • Japanese Yen
  • Australian Dollars
  • Canadian Dollars
  • Hong Kong Dollars
  • Singapore Dollars

Sources used for this article:

  1. Yes Bank FCNR deposit account
  2. Open Yes Bank FCNR account
  3. Yes Bank FCNR deposit interest rates
  4. Transfer of funds to India
  5. FCNR account eligibility
  6. Who is an NRI?
  7. Documents
  8. Yes Bank FCNR deposits currencies

Cover photo by Benjamin Dada on Unsplash.


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This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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