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Home > Accounts / Deposits > FCNR (B)

FCNR (B) [Foreign Currency Non-resident (Bank)]

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Overview of FCNR (B) Accounts:

  • Can be opened only by an NRI or jointly with other NRIs.
  • Nomination facility available (Nominee can be a resident Indian).
  • Deposits can be opened in USD, EURO, GBP, CAD, JPY and AUD.
  • Deposit can be made for a minimum of 1 year and a maximum of 5 years.
  • Minimum deposit USD 1000 or equivalent.
  • Both principal and interest are payable in foreign currency. Hence, there is no exchange loss on principal and interest.
  • Premature withdrawal is subject to a penal interest of 1%.
  • No interest is payable if the deposit is closed within a year.
  • Rupee loans can be taken in India against the security of the deposit.
    • By the depositor(s)
    • By third parties
  • Foreign currency loans can be availed at select SBI branches abroad against the security of FCNR (B) deposits.
  • Interest earned on FCNR (B) accounts is exempt from Indian income tax.

To open a FCNR (B) account with a branch in India:

  1. Click here to download the account opening form.
  2. Fill the account opening form and send it to the branch of your choice with the following enclosures:
    • Two self attested passport size photographs.
    • Documents as mentioned below:
    Status Proof of Identity (Both mandatory) Address Proof mentioning the current overseas address (Any one) Additional document for the customers not visiting our Branch (Any one)
    1. Copy of the relevant pages of Passport

    2. Copy of valid Visa / Work Permit
    1. Copy of relevant pages of Passport

    2. Electricity Bill

    3. Telephone Bill

    4. Original copy of latest bank statement of account overseas

    5. Copy of Employee ID Card

    6. Copy of Labour Card

    7. Copy of Social Security Card
    1. Cheque drawn on your overseas Bank account

    2. Cancelled / Paid Cheque of your overseas Bank account

    3. Copy of Proof of Income / Pay Slip / Tax return
    PIO / OCI
    1. Copy of the relevant pages of Passport

    2. Any one of the following:
      1. Copy of PIO / OCI Card

      2. Copy of relevant pages of Passport of parents or grand-parents

      3. Copy of Marriage Certificate
    • For the customers who are not visiting to a Branch in India, please send your above mentioned documents and Signature in the account opening form, duly verified/attested by any one of the following persons / entities:
      • SBI Foreign Office (With SS No), wherever it is permitted
      • Indian Embassy or High Commission
      • Notary Public

Interest Rates:

Click here for Interest Rates.

Other Facilities:

  • Internet banking.
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