Best Bank for Indian Expats in New Zealand: Indian Banks in NZ and Alternatives for NZ NRIs
Review of the best banking choices and alternatives for NRIs in New Zealand with our guide for Indian Expats living in New Zealand.
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 |
---|
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
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
Alternatively, new NRI customers can request a callback from Yes Bank customer service representatives to help through the process:
Once registered, you can open the FCNR deposit online through Yes Bank Net Banking.
Existing and new NRI customers can visit the designated NRI services branches of Yes Bank in person and open an FCNR 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 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.³
1 year to less than 2 years | |
---|---|
US dollars | 5.55% |
British pounds | 4.50% |
Euros | 2.15% |
Japanese Yen | .05% |
Canadian dollars | 3.50% |
Australian dollars | 4.30% |
Hong Kong dollars | 3.00% |
Singapore dollars | 3.95% |
2 years to less than 3 years | |
---|---|
US dollars | 5.30% |
British pounds | 4.60% |
Euros | 2.70% |
Japanese Yen | 1.50% |
Canadian dollars | 3.75% |
Australian dollars | 4.00% |
Hong Kong dollars | 3.00% |
Singapore dollars | 3.15% |
3 years to less than 4 years | |
---|---|
US dollars | 4.50% |
British pounds | 4.00% |
Euros | 2.00% |
Japanese Yen | 1.25% |
Canadian dollars | 3.75% |
Australian dollars | 4.10% |
Hong Kong dollars | 1.35% |
Singapore dollars | 1.40% |
4 years to less than 5 years | |
---|---|
US dollars | 4.30% |
British pounds | 4.00% |
Euros | 2.00% |
Japanese Yen | 0.05% |
Canadian dollars | 3.75% |
Australian dollars | 4.10% |
Hong Kong dollars | 1.35% |
Singapore dollars | 1.40% |
5 years | |
---|---|
US dollars | 4.30% |
British pounds | 4.00% |
Euros | 2.00% |
Japanese Yen | 1.10% |
Canadian dollars | 3.60% |
Australian dollars | 4.10% |
Hong Kong dollars | 1.35% |
Singapore dollars | 1.40% |
Rates as of April 9, 2023
Updated as of April 15, 2023
To note:
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 months | Interest is forfeited. |
12 months or more | 0.05% |
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
Send money to open an FCNR, or NRI account quickly and easily with Wise. With smart tech, Wise sends low-cost transfers directly to local accounts in India- within seconds on popular routes. Wise only has one low transfer fee and the mid-market exchange rate, the same one you see on Google. So if you are looking for a low-cost way to get your NRI accounts started in India, take a look at Wise.
And if you want an even easier way to manage global currencies as you work and travel, check out the Wise multi-currency account. It is a single account that lets you hold, send, spend, and receive in multiple currencies. So whether you’re traveling for work overseas or visiting family back in India, you can use one account for it all. And with the Wise multi currency debit card, you can even swipe like a local wherever you are in the world. Sign up for Wise for free today, and see how much you can save on transfers and purchases abroad.
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:
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.
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
Yes Bank offers FCNR deposit accounts in the following eight foreign currencies:⁸
Sources used for this article:
Cover photo by Benjamin Dada on Unsplash.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
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.
Review of the best banking choices and alternatives for NRIs in New Zealand with our guide for Indian Expats living in New Zealand.
Discover the range of Union Bank of India NRI account options for Indians living abroad with their seamless banking services tailored for NRIs.
Explore the wide range of Standard Chartered NRI account options and services tailored for Indians living abroad.
Explore the range of Indian Bank NRI account options for Indians living abroad. Read to to get an overview of Indian Bank solutions for Indians abroad.
Discover the various types of NRI accounts offered by IndusInd Bank, tailored to meet the financial needs of non-resident Indians.
Discover the range of Bank of India NRI account options for Indians living abroad.