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About FCNR & RFC FD

Secure Foreign Currency Savings

Protect your funds from exchange rate fluctuations with FCNR(B) and RFC Fixed Deposits, ensuring stable and attractive returns in multiple currencies.

Eligibility & Account Holders
  • FCNR(B) FD: Available for NRIs & PIOs
  • RFC FD: Available for returning NRIs with foreign earnings

Convenient Booking Options
Mode FCNR(B) FD RFC FD

ICICI Bank Branch

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ICICI Bank Internet Banking

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ICICI Bank iMobile App

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ICICI Bank Customer Care

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Wire Transfer

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Smart Wire

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Flexible Tenure & High Returns
  • FCNR(B):1 Year to 5 years for USD currency and 1 year less than 3 years for GBP, SGD, CAD & AUD currencies
  •  RFC: 1 month to 3 years for USD deposits and 1 month to less than 3 years for GBP deposits.
  • Enjoy tax-free interest in India on FCNR(B) deposits.

FAQs

Who can open an FCNR(B) FD?

NRIs and PIOs with foreign earnings can open an FCNR(B) Fixed Deposit in permitted currencies.

What are the tenure options for FCNR(B) FDs and RFC FDs?
  • FCNR(B): 1 year to 5 years for USD and 1 year to less than 3 years for GBP, SGD, CAD & AUD
  • RFC: 1 month to 3 years for USD deposits and 1 month to less than 3 years for GBP deposits.

Is the interest earned on these deposits taxable in India?
  • FCNR(B) FD for NRIs: Interest earned is not taxable in India
  • RFC FD for returning NRIs: Interest is taxable in India.

Can I withdraw my deposit before maturity?

Yes, premature withdrawal is allowed. However, a 1% penalty applies for RFC FDs.

How can I book FCNR (B) & RFC FD

You can apply FCNR FD via Internet Banking, iMobile App, ICICI Bank Branch, Customer Care, or Wire Transfer. In case of RFC FD kindly contract nearest branch.

Can an RFC account be opened by transferring balances in my NRI accounts?

Upon change of residential status from NRI to resident, RFC deposits can be opened by transfer of balances held in FCNR deposits or NRE Accounts. 

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Disclaimer

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