Want to invest your foreign earnings in a term deposit and benefit from the higher-than-average interest rates offered in India? Well, an FCNR (Foreign Currency Non-Resident) deposit can help you do that! Without converting your foreign income into INR, an FCNR deposit allows you to evade the exchange rate fluctuations, allowing you to maximize your savings and earnings.
And not just that, you can even continue to hold your FCNR account until maturity, even after your residency status changes. Thankfully, with a banking partner like IndusInd Bank, you not only get to enjoy good returns on your investments but a range of additional perks too.
Not sure of what to expect when you get an FCNR deposit with IndusInd Bank? Here’s a list of features and benefits to help you out.
Features and Benefits of IndusInd Bank FCNR Deposit
Compatible with a Range of Currencies
At IndusInd Bank, you can maintain your overseas savings in any of these six major currencies-
- US dollars (USD)
- Canadian Dollars (CAD)
- Australian Dollars (AUD)
- Japanese Yen (JPY)
- Euros (EUR)
- British Pounds (GBP)
This eliminates the conversion rate risk usually associated while making foreign investments.
Ability to Choose Tenure
The FCNR deposit is a type of term deposit. Hence, the funds grow only after a set maturation period. But at IndusInd Bank, you can choose the deposit term as per your financial goals. This period could range from a minimum of one year to a maximum of five years. So, both short-term and long-term financial plans can be covered using an FCNR deposit.
Competitive Term Deposit Rates
IndusInd Banks offers some of the most attractive interest rates in the Indian market. Additionally, the interest earned on your deposit is compounded every 180 days. So, rest assured, you can expect good returns on your investments.
However, the interest rate on the FCNR deposit is only payable after one year. So, if you withdraw your funds before the end of the first year, you will miss out on interest earnings.
Tax-Exemption on the Interest Earned
Unlike other foreign currency investments, the interest earned on FCNR deposits isn’t subject to taxation in India. This means NRIs can get even higher returns on their FCNR term deposits made with IndusInd Bank, thanks to the high-interest rates.
Fully Repatriable Funds
The funds (including principal and interest) in the FCNR deposit are freely repatriable.
In fact, with an IndusInd Bank FCNR deposit, the fund transfer process is even simpler, thanks to their extensive chain of branches worldwide. The best part? You can promptly contact the 24*7 customer service via call, message, or email if you ever encounter any issues.
Wrapping Up
When you open an FCNR deposit with IndusInd Bank, you get to enjoy all the above-mentioned benefits. But more importantly, you can be assured that your hard-earned foreign currency is in safe hands, given IndusInd Bank has been active in the banking space for over 27 odd years.
So, what are you waiting for? Open an FCNR deposit with IndusInd Bank today
