Within NRI banking services RBL bank offers FCNR accounts. In this article, you can learn more about how FCNR accounts work and the features & benefits getting from RBL bank, also check out how to open an FCNR account and how to transfer money to India.
What is FCNR Account at RBL Bank
A Foreign Currency Non-Resident (FCNR) account is a term deposit account means you can deposit lump sum of money and until your term ends you will earn interest on that amount. The FCNR account is a unique account because it allows NRIs to hold a foreign currency interest that has an account in India. Many Indian banks provides FCNR accounts.
In RBL bank, you don’t need to have existing relationship with the bank to open FCNR account. RBL bank is unique as it offers option of different eight currencies to open an FCNR account for NRIs.
How to open an FCNR account at RBL Bank?
RBL Bank has two ways to open FCNR account,
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In person (visiting nearest branch)
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By submitting an enquiry form online
RBL Bank does not provide complete online process to open FCNR account. To open FCNR account you have to pass eligibility criteria which will discuss later in this article.
Submit An Enquiry
You need to fill an NRI deposit enquiry form if you want to open FCNR account from abroad. The form contains your name, residence country and contact details. After submitting the form, RBL bank executive will reach out to you over email or phone.
To complete the account opening process you need to submit the application form and documents. Bank executive will guide you with the instructions, how you can send the documents.
If you need any guidance or help during this process, you can send an email to RBL bank at nribanking@rblbank.com or call NRI Banking at +91 22 61156300.
Visiting Branch to Open FCNR Account
If you are in India, then you can also open FCNR account at nearest RBL Branch. You have to carry all required documents with you and complete account opening form. To open an account you need to provide funds for deposit. You can transfer this fund, checkout money transferring methods below.
RBL Bank FCNR Rates
FCNR account interest rate is higher than those offered in the currency’s home country. RBL Bank provide some attractive interest rate for NRIs, specially for shorter term lengths. This interest rate may vary based on the term length and currency.
RBL offers FCNR accounts in British pounds (GBP), US dollars (USD), Euros (EUR), Singapore dollars (SGD), Japanese yen (JPY), Australian dollars (AUD), Swiss Francs (CHF) and Canadian dollars (CAD).
Term deposit of more than 1 year and less than 2 years
|
USD |
GBP |
EUR |
AUD |
SGD |
JPY |
CAD |
CHF |
|---|---|---|---|---|---|---|---|
|
5.70% |
4.00% |
3.00% |
3.50% |
1.20% |
0.05% |
2.75% |
0.05% |
Term deposit of more than 2 year and less than 3 years
|
USD |
GBP |
EUR |
AUD |
SGD |
JPY |
CAD |
CHF |
|---|---|---|---|---|---|---|---|
|
5.50% |
4.20% |
2.20% |
3.50% |
1.25% |
0.05% |
2.50% |
0.05% |
Term deposit of more than 3 year and less than 4 years
|
USD |
GBP |
EUR |
AUD |
SGD |
JPY |
CAD |
CHF |
|---|---|---|---|---|---|---|---|
|
4.40% |
4.00% |
2.00% |
2.85% |
1.30% |
0.06% |
2.25% |
0.05% |
Term deposit of more than 4 year and less than 5 years
|
USD |
GBP |
EUR |
AUD |
SGD |
JPY |
CAD |
CHF |
|---|---|---|---|---|---|---|---|
|
4.45% |
3.00% |
2.00% |
2.75% |
1.35% |
0.06% |
2.00% |
0.05% |
Term deposit of 5 year
|
USD |
GBP |
EUR |
AUD |
SGD |
JPY |
CAD |
CHF |
|---|---|---|---|---|---|---|---|
|
5.25% |
3.00% |
2.00% |
2.60% |
1.40% |
0.06% |
2.00% |
0.05% |
Note
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This rates are subject to change.
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Partial withdrawals are not allowed only fully withdrawals are allowed.
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1% penalty fee is charged for premature withdrawal from the account.
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The account which is held for less than 1 year forfeit the interest earned.
How To Transfer Money To RBL Bank FCNR Account?
Interest on FCNR accounts only starts when it is being funded. The money must come from foreign countries (abroad) except if you have existing FCNR account or NRE account.
RBL Bank executive guide you with the best way to transfer money to a New FCNR account, but below are some common ways to fund an account in India.
Online Money Transfer
There are plenty of popular online money transfer services which transfer money to India faster and cheaper (at low cost). You can pay for the transfer with a credit or debit card and bank transfer.
Wire Transfers
SWIFT network allows banks to transfer the money to other banks and most of the banks are part of the SWIFT network. You can do wire transfer money to RBL bank from any local residence country bank. Wire transfer method is slower and more expensive the online transfer services.
Transfer from NRE account
You can transfer Indian rupees to FCNR account, if you have existing NRE account in India. RBL bank will convert the Indian currency money to your selected currencies. NRE account transfer is the only option for domestic Indian money transfer for FCNR account.
Transfer from FCNR Account
If you have existing FCNR account in India then you can transfer the monry to RBL bank to open a new FCNR account. This makes the most sense if RBL Bank’s rates are higher than your current Indian bank’s or if you want to hold funds in one of their eight currencies.
Personal Cheques or Foreign Currency Notes
You can also deposit your personal cheque or foreign currency notes at the branch if you are opening an FCNR account in person in India.
Benefits and Features of RBL Bank FCNR account
One of the strongest and biggest benefit of FCNR account is that you can earn strong interest rate on the amount you deposit without converting the money to Indian currency. You can preserve its value in foreign currency.
Following are some additional benefits and features of RBL Bank FCNR account
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RBL Bank support eight currencies which is more than most other Indian banks.
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Interest and Principal can be transferred back to your resident country.
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Interest grows tax-free in India.
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Automatic renewal option is provided at maturity.
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You can withdraw money at any time (a penalty may apply)
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The account can be used as collateral for a loan.
Who can Open FCNR account at RBL Bank
FCNR account is only available for OCIs and NRIs. RBL Bank defines NRI as a Indian Resident who are residing abroad for
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Work.
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Government appointment abroad.
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Studying.
This condition is also included for the person dependent like a spouse, children of NRI, who holds Indian Passworts and out of India. Government defination for NRIs is different, for them NRI means who live in abroad for more than 182 days a year.
RBL also allows to open FCNR account for the Persons of Indian Origin (PIO) which is now named as Overseas Citizens of India (OCI). These applicants hold a PIO/OCI card and a non-Indian passport.
Joint FCNR account is also allowed with another NRI or OCI.
Residents of India are not allowed to open FCNR account even if they are frequent abroad Traveller instead they can open Resident Foreign Currency (RFC) account.
Documents Required to Open FCNR Account in RBL Bank
You need to provide the following documents to open FCNR account.
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Copy of your passport
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Copy of OCI card, if applicable
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Recent passport-size color photo
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Copy of a work visa or resident permit
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Proof of address, such as a utility bill
If you are trying to open FCNR account from abroad then you need to sign and scan all the documents, and send it to RBL Bank executive over email as per their guidance.
If you are trying to open FCNR account in person then bring all those document and complete the account opening form
Currencies Supported by RBL Bank FCNR Account
FCNR account can be open in RBL bank in eight currencies :
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US dollars
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Canadian dollars
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British pounds
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Singapore dollars
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Australian dollars
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Euros
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Japanese yen
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Swiss francs
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