FCNR Account

Open FCNR Account

FCNR Account (Foreign Currency Non-Resident)

An FCNR deposit account is a fixed deposit maintained in a designated foreign currency, enabling Non-Resident Indians to earn tax-free interest in that same currency.

You can stay protected against forex rate fluctuations as your investment continues to grow in the same currency you choose to invest. Plus, you get competitive interest rates, the income earned is tax-free and you can repatriate funds to your country of residence.

Benefits of the DBS Treasures FCNR Account

For NRIs looking to maximise their wealth, the DBS Treasures FCNR Account offers tax-free earnings, repatriability, and protection against currency risks. It’s a strategic way to safeguard and grow your foreign income.

• Tax-Free Interest: Enjoy 100% tax-free returns on your FCNR deposit interest rates in India.
• Full Repatriability: Your principal and interest are freely transferable, making it a reliable option for Non- Resident Indians managing their foreign currency finances globally.
• Protection Against Currency Fluctuations: Maintain deposits in foreign currency to avoid exchange rate risks.
• Easy Account Management: Access and manage your FCNR deposits anytime via DBS Treasures' secure online and mobile banking platforms.

Features of the DBS Treasures FCNR Account

The DBS Treasures FCNR Account is designed to help NRIs securely grow their foreign earnings while maintaining full control over their deposits. With flexible tenures, multi-currency options, and seamless online access, this account ensures convenience and stability.

• Multiple Currency Options: Maintain your deposit in USD, GBP, AUD, CAD, SGD, or HKD, allowing global transactions without forex rate worries.
• Flexible Tenure: Choose a deposit duration between 1 to 5 years to align with your financial goals.
• No Minimum Deposit Requirement: Open an FCNR account without a minimum deposit, making it accessible for various investment plans.
• Competitive Interest Rates: Earn attractive returns on your FCNR deposits while ensuring steady growth. DBS Treasures account holders can securely park their funds and enjoy the competitive FCNR interest rate helping you build your personal wealth.

FCNR Deposit Interest Rates

The DBS Treasures FCNR deposit allows NRIs to earn competitive, tax-free returns on their overseas income while safeguarding funds in a choice of stable foreign currencies. This foreign currency non-resident account offers attractive FCNR deposit interest rates, ensuring your wealth grows without exposure to forex osure to forex fluctuations.

Current FCNR Deposit Rates (Effective from 01 Mar 2024)

Interest rates are subject to change. We recommend speaking with your DBS Treasures relationship manager to get the latest FCNR deposit rates before booking your deposit. Whether you’re opting for a short-term placement or a long-term FCNR fixed deposit, this account ensures flexibility, security, and steady returns.

Open FCNR Account

FCNR Deposits Terms and Conditions

The DBS Treasures FCNR account is designed to offer NRIs secure, tax-free growth on their overseas earnings. However, understanding the FCNR deposit terms can help you manage your funds effectively.

Premature Withdrawal Policy

• Withdrawals from FCNR deposits are permitted before maturity upon written request.
• The interest rate applicable will be the lower of either:
• The rate prevailing on the date of deposit placement.
• The contracted rate, adjusted for the actual holding period.
• A 1% penalty will be applied to the revised FCNR interest rate for early withdrawals.

Key Considerations

• No interest will be paid on FCNR deposits withdrawn before completing one year.
• A 1% pre-closure charge applies to all FCNR fixed deposits and term deposits booked or renewed on or after 15th April 2019.
• For the latest FCNR deposit rates and detailed terms and conditions, consult your DBS Treasures relationship manager.

By choosing a foreign currency non-resident account, you gain the advantage of holding funds in a stable currency while enjoying attractive FCNR deposit interest rates and flexible banking options.

Eligibility Criteria to Open FCNR Deposit Account

Opening a DBS Treasures FCNR account allows NRIs to safeguard their foreign currency earnings while benefiting from attractive FCNR deposit interest rates. To be eligible for a foreign currency non-resident account, you must meet one of the following criteria:

Who Can Open an FCNR Deposit?

• You are an NRI (Non-Resident Indian).
• You hold a PIO (Person of Indian Origin) card.
• You have an OCI (Overseas Citizen of India) card.

By opening an FCNR deposit, you can manage your international wealth efficiently while enjoying the stability of foreign currency holdings and competitive FCNR interest rates.

Open FCNR Account

Documents Required to open FCNR Account

New NRIs and PIOs opening a foreign currency non-resident account with DBS Treasures need to submit required documents. While existing DBS Treasures account holders have a simpler process as these documents are not required.

For NRI (Non-Resident Indian)

• A valid passport
• Proof of NRI status – Either Employment / Residence Visa copy or Work / Residence Permit
• Address proof in India and overseas (as per the Customer Identification Policy)
• A copy of your Indian PAN card or Form 60
• A recent passport size colour photograph
• Additionally for seafarers: Current work contract and copy of CDC along with the disembarkation stamp on the last page & FEMA declaration.

For PIO (Person of Indian Origin)

• Valid passport
• Valid PIO/OCI card or any other proof of PIO status (as per Customer Identification Policy)
• Address Proof (Indian and overseas addresses) as per Customer Identification Policy
• Signed and fully filled-in PIO declaration
• A copy of your Indian PAN Card or Form 60
• A recent passport-size colour photograph.

How to open an FCNR Deposit

Open FCNR Account

Setting up a DBS Treasures FCNR deposit is a fully digital process, ensuring a seamless experience for NRIs looking to grow their wealth in foreign currencies.

You can open an FCNR account conveniently through:

1. You can open a DBS Treasures FCNR Deposit either online or offline. Simply log in to our internet or mobile banking platforms and set up your FCNR account in seconds
2. Verification – For new-to-bank customers booking a standalone FCNR deposit, a DBS Treasures relationship manager will contact you for document verification. Once approved, you can enjoy competitive FCNR deposit interest rates and other NRI banking solutions