Open an NRE Savings Account
An FCNR (B) Account helps NRIs keep their savings in foreign currency while holding them in India. It is designed to protect funds from exchange rate movement and offers fixed returns over a chosen tenure. This makes it a preferred option for long-term foreign currency savings and financial planning. This article covers FCNR (B) Account meaning, key features, benefits, eligibility, interest rates, and the process to open an account.
A Foreign Currency Non – Resident (Bank) or FCNR (B) account is a type of fixed deposit account that allows you to hold your funds in foreign currencies in India. This account is designed specifically for Non – Residents Indians (NRIs) who are living and working abroad and are seeking to protect their earnings from Indian Rupee exchange rate fluctuations.
An FCNR (B) Account is a foreign-currency denominated fixed deposit for NRIs, PIOs, and OCIs. It is preferred when saving funds while protecting from exchange rate risks, tax benefits, and full repatriation of returns. The key features of an FCNR (B) account are:
An FCNR (B) account offers advantages to NRIs that helps them several benefits for managing foreign currency funds. Key benefits include:
An FCNR(B) Account is specifically designed for Indian living and working abroad. It allows eligible. The following categories of individuals can open an FCNR (B) account:
Open DBS Treasures Account
Customers can choose FCNR (B) deposits between 1 to 5 years tenure options. The applicable interest rate depends on the tenure selected at the time of booking. The FCNR rates and tenures offered by DBS Treasures are as follows:
Tenure
USD Interest Rate
1 Year to Less Than 2 Years
3.75%
2 Years to Less Than 3 Years
3.50%
3 Years to Less Than 4 Years
0.01%
4 Years to Less Than 5 Years
5 Years
Note: These rates apply to DBS Treasures FCNR (B) deposits and are effective from 23rd January 2026. The bank may revise interest rates at its discretion.
NRIs can choose to use NRE, NRO, and FCNR account for managing their finances. Each account type serves different purposes in terms of funds, currency denomination, repatriation rules, and tax treatment.
Feature
FCNR (B) Account
NRE Account
NRO Account
Account Type
Foreign currency fixed deposit
Rupee-denominated savings/current/fixed deposit account
Eligible Applicants
NRIs, PIOs, OCIs
Currency
Foreign currencies such as USD, GBP, EUR, AUD, CAD, and JPY
Indian Rupees (INR)
Source of Funds
Overseas earnings and inward remittances
Income earned in India and overseas remittances
Exchange Rate Risk
No, as deposits are maintained in foreign currency
Yes, funds are converted to INR
Yes, funds are maintained in INR
Repatriation of Principal
Fully repatriable
Permitted subject to applicable regulations
Repatriation of Interest
Generally repatriable after applicable taxes
Tax on Interest in India
Tax-free for eligible NRIs
Taxable in India
Joint Holding
With eligible NRIs or resident relatives on a "Former or Survivor" basis
With eligible NRIs or resident relatives as permitted
With NRIs and resident Indians as permitted
Best Suited For
NRIs seeking fixed returns in foreign currency
NRIs looking to save and transact in INR using overseas income
NRIs managing income earned in India, such as rent, dividends, or pension
Opening an FCNR (B) Deposit with DBS Treasures requires submitting details through the online application form.
Step 1: Access the FCNR Deposit section
Visit the DBS Treasures website, go to the NRI Banking section, and select FCNR Deposit. Click on “Open FCNR Account” to begin.
Step 2: Fill in the application form
Enter your full name, mobile number, email address, country of residence, and preferred branch in India.
Step 3: Relationship Manager connects with you
After submission, a DBS Treasures Relationship Manager will contact you to complete onboarding and guide document verification.
Step 4: Account opening and funding
Once verification is completed, your FCNR (B) Account is activated. You can then fund it in a foreign currency and start earning interest.
An FCNR (B) Account provides NRIs a structured way to hold foreign currency savings in India while protecting against exchange rate fluctuations. It offers fixed returns, tax exemption on interest in India, and full repatriation of funds, making it suitable for long-term financial planning and wealth preservation.
To experience these benefits, open a DBS Treasures FCNR Account and manage your foreign currency deposits with ease through a seamless banking process.
