Investing in FCNR Deposits: Get Your Returns Back in USD

 

For Non-Resident Indians (NRIs) looking to invest in Foreign Currency Non-Resident (FCNR) deposits, a key advantage is that the principal and interest are repatriated in USD (or the currency of your choice). This means that your returns remain in the same currency you invest, eliminating exchange rate risks when repatriating funds back to your country of residence.

Why Choose FCNR Deposits?

1. Higher Returns: FCNR deposits generally offer 5-5.25% returns, which are higher than typical U.S. bank fixed deposits (around 3-4%).

2. Tax Exemption in India: Interest earned is not taxable in India, providing tax advantages over U.S. bank deposits, which are taxable in the U.S.

3. Currency Protection: FCNR deposits are maintained in foreign currencies like USD, GBP, or EUR, offering protection from exchange rate fluctuations when repatriating funds.

4. Repatriability: Both the principal and interest can be easily repatriated, ensuring liquidity and flexibility.

Interest Rates Offered by Leading Banks:

IDFC FIRST Bank: 5.25% (USD)

HDFC Bank: 5.20% (USD)

ICICI Bank: 5.20% (USD)

Axis Bank: 5.20% (USD)

SBI: 5.20% (USD)

Conclusion:

Investing in FCNR deposits ensures that your returns are secure in USD (or other foreign currencies), offering higher interest rates, tax benefits, and currency stability. This makes FCNR deposits a superior choice compared to U.S. bank fixed deposits.

For more details on FCNR interest rates, visit the respective bank websites:

IDFC FIRST Bank

HDFC Bank

ICICI Bank

Axis Bank

SBI

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