FCNR And RFC Deposit Rates
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FCNR (B) DEPOSIT RATES
| Period | GBP | USD | EURO | JPY | AUD | CAD | Effective Date | |||
| (rates per annum) | <1 mio | >= 1 mio to < 20 mio | >= 20 mio to < 100 mio | >= 100 mio | ||||||
| 1 Year- less than 2 years | 4.75% | 5.45% | 5.45% | 5.45% | 5.45% | 3.20% | 0.01% | 4.40% | 4.20% | June 14, 2024 |
| 2 years - less than 3 years | N/A | 4.80% | 4.80% | 4.80% | 4.80% | N/A | N/A | 4.25% | 3.90% | June 1, 2024 |
| 3 year to less than 4 years | N/A | 4.65% | 4.65% | 4.65% | 4.65% | N/A | N/A | 4.30% | 3.80% | June 1, 2024 |
| 4 years to less than 5 years | N/A | 4.40% | 4.40% | 4.40% | 4.40% | N/A | N/A | 4.35% | 3.75% | June 1, 2024 |
| 5 years only | N/A | 3.85% | 3.85% | 3.85% | 3.85% | N/A | N/A | 4.35% | 3.75% | June 1, 2024 |
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IMPORTANT NOTES:
FCNR Deposits: ExistingFCNR deposits booked under GBP, EURO & JPY currencies for the tenor 1 year 1 day to 5 year and which are due for auto renewal will be auto renewed for 1 year tenor by default.
No interest will be paid if the FCNR Deposit is prematurely withdrawn before 1 year. No Penalty will be levied on premature closure of FCNR Fixed Deposit.
With effect from July 22nd, 2023, the interest rate applicable for premature withdrawal including Partial Withdrawal on FCNR Deposits will be the rate on the date of deposit booked for the period for which deposit remained with the bank and not at the contracted rate.
Prior to July 22nd, 2023, For Premature Closure (for all amounts, and for including Sweep In / Partial Withdrawal), the final rate applicable will be lower of either: a) the rate for the original /contracted tenor for which deposit has been booked or b) the base rate applicable for the tenor for which the deposit has been in force with the bank.
The base rate is the rate applicable to deposits of less than 1 Mn as on the date of booking the deposit. The paid interest amount (in case of half yearly pay out mode) will be adjusted against Principal Balance of the Deposit in case of Premature withdrawal of the FCNR Deposit before 1 year.The interest is calculated on a half yearly basis. Interest for re-investment deposit is calculated every six months and the Principal is increased to include interest earned during the previous six months. Deposit will be booked upon availability of clear funds with the bank and applicable interest rate will be given as on the date of receipt of the funds by the bank.
The interest rates are applicable for fresh and renewal fixed deposits and are subject to change from time to time. Kindly check the rates before booking the FCNR Fixed Deposit. The FCNR Deposit booking request through Netbanking will be processed within 2 working days except Saturday, Sunday, Indian public holidays, International currency holidays. The actual interest rate and forex rate being applied will be the one which is prevailing at the time of processing the deposit and not at the time of receiving the request.
RFC Fixed Deposit Rates
| Period | GBP | USD | EURO | JPY | Effective Date |
| Less than 29 Days | 0.01% | 0.01% | 0.01% | 0.01% | December 1, 2018 |
| 30 days - 3 Months | 0.01% | 0.01% | 0.01% | 0.01% | December 1, 2018 |
| 3 Months 1day - 6 Months | 0.01% | 0.01% | 0.01% | 0.01% | December 1, 2018 |
| 6 Months 1day to less than 1 Year | 0.01% | 0.01% | 0.01% | 0.01% | December 1, 2018 |
| 1 Year-less than 2 years | 4.75% | 5.45% | 3.20% | 0.01% | June 14, 2024 |
| 2 years - less than 3 years | 0.01% | 4.80% | 0.01% | 0.01% | June 1, 2024 |
| 3 years only | 0.01% | 4.65% | 0.01% | 0.01% | June 1, 2024 |
Note:As per the Terms & Conditions of Fixed Deposit Accounts of the bank,
With effect from July 22nd, 2023, the interest rate applicable for premature withdrawal including Partial Withdrawal on RFC Depositswill be 1% less of the rate on the date of deposit booked for the period for which deposit remained with the bank and not at the contracted rate.This is providedyour RFC FD interest is equivalent to 1% or more.
Prior to 22ndJuly 2023,the interest rate applicable for premature closure of deposits (all amounts) will be 1% lower of :The base rate for the original/contracted tenure for which the deposit has been booked ORThe base rate applicable for the tenure for which the deposit has been in force with the Bank. This is providedyour RFC FD interest is equivalent to 1% or more.
*Applicable interest rates will be given as on the date of receipt of the funds by the bank. RFC FD are offered only to Returning NRI's. FCNR Deposits (if any) held by Returning NRI during NRI tenure will be renewed as RFC deposits subject to renewal instructions being maintained against the FCNR Deposit opened during NRI tenure.
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