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- Treasures Private Client
from UK
At a Glance
The United Kingdom comprises 1.4 million Indians, making them the single largest visible ethnic minority population in the country. As an NRI living in the UK, you can park your UK earnings in a high interest-bearing deposit that protects your currency from forex rate fluctuations. Earn 100% tax-free and fully-repatriable returns on Foreign Currency Non-Resident Fixed Deposits.
Open FCNR(B) From UK
The 5th largest economy globally, the United Kingdom offers a high standard of living and excellent employment and education avenues. The immigrant population in the UK continues to play a crucial role in the upward trajectory of the UK economy. The revolutions in the banking, industrial, manufacturing, technological and service sectors have further paved the path for employment opportunities.
India has had financial ties with the UK, dating back many centuries. The first immigrants to the UK comprised scholars, sailors, and workers employed by the British East India Company. Today, the British Indian community has grown to over 1 million and comprises Non-Residents, PIOs and OCIs, and British, Scottish, and Irish Indians naturalised by birth. As an Indian national living in the UK, an FCNR FD lets you save your foreign earnings without worrying about fluctuating foreign exchange rates. You can freely and fully repatriate your tax-free Pound Sterlings back to the UK.
Features and Benefits of opening FCNR Account in UK
Open FCNR Deposits from UK to enjoy these facilities:
- Park your Great Britain Pound (GBP) earnings in an FCNR Deposit and earn tax-free interest income in the currency of deposit.
- Maintain the deposit in five additional global currencies, including USD, AUD, CAD, HKD and SGD.
- There is no lower or Minimum deposit amount for FCNR deposits.
- Stay invested in FCNR B Deposits for tenures ranging from 1 year to 5 years.
- DBS allows full repatriation of the principal amount and interest earned back to the UK.
- DBS offers a competitive rate of interest on FCNR Deposits.
- Lock in the exchange and interest rates to protect your deposit from currency rate fluctuations.
- Avail mobile and internet banking services from DBS to access your account any time you wish.
FCNR Interest Rates
Consult your relationship manager for the latest interest rates offered on FCNR FD.
Deposit Terms and Conditions
The Bank shall, on written request from all depositors, allow withdrawal of a Resident / NRO Term deposits and NRE / FCNR Deposits before the date of its maturity. The interest on prematurely withdrawn Resident / NRO Term Deposits and NRE / FCNR deposits will be paid for the period that such deposit is held, at the rate prevailing on the date of placement of such deposit or the contracted rate, whichever is lower, subject to a deduction of a 1% penalty.
However, no interest will be paid in case of NRE / FCNR Deposits prematurely withdrawn before the expiry of 1 (one) year from the date of deposit or its renewal.
Please note that pre-closure charges of 1% will be applicable on all Term Deposits booked / renewed on or after 15th April 2019.
For detailed terms and conditions click here
Eligibility Criteria
Non-resident Indians, Persons of Indian Origin (PIO) and Overseas Citizens of India (OCI) may open DBS Treasures FCNR(B) Deposits.
Documents Required for FCNR(B) Account
For NRIs
- Indian PAN Card or Form 60
- Valid passport copies
- Latest passport size photos
- Proof of address in the UK and India, per Customer Identification Policy
- Proof of NRI status: UK employment visa/permit or residence visa/permit
Additional documents for seafarers
- CDC copy with disembarkation stamp on the last page
- Work contract of the UK shipping company
- FEMA Declaration
For PIOs
- Indian PAN Card or Form 60
- Valid passport copies
- Latest passport size photos
- Proof of address in the UK and India, per Customer Identification Policy
- Proof of PIO status: PIO or Overseas Citizen of India Card
- Signed PIO declaration
How to Apply for an FCNR Deposit?
A DBS Treasures Relationship Manager will reach out to you soon after.
Frequently Asked Questions
Funds in a Non-Resident External (NRE) Deposit and Non-Resident Ordinary (NRO) Deposit are held in Indian Rupees, while FCNR Deposits are maintained in foreign currencies. DBS Treasures offers FCNR Deposits in 6 global currencies. Also, tenures for NRE and NRO FDs can extend above five years, whereas FCNR Deposits have a maximum term of 5 years.
Yes. With DBS Treasures FCNR Deposits, you can conveniently assign a nominee to your account. The nominee may be a Resident Indian or NRI.
Yes. DBS allows premature withdrawals of fixed deposit funds. However, interest is payable after a year of opening the deposit. If you withdraw within a year, no interest will be paid. Penalties may be applicable for early withdrawals.
Interest in an FCNR Deposit is calculated with a compounding effect on a half-yearly basis.
No. Your FCNR interest rates will remain fixed throughout the tenure of the fixed deposit.
To open an FCNR Deposit, you can only transfer funds from your NRE Savings Account to do so. RBI does not allow you to create FCNR deposits from funds in NRO Accounts.
