Top 10 Banks With Best FCNR Deposit Rates For US Dollars

 FCNR (Foreign Currency Non-Resident) is a fixed deposit account that is offered by several banks of India to the NRIs. This account operates with foreign currencies and is one of the most popular investment elements for the NRIs with higher interest rates.

The banks of India are offering higher interest rates for USD to NRIs for these accounts as compared to their resident country. In this article, you will know about some of the top banks in India that are offering best FCNR Deposit rates for USD.

HDFC Bank

HDFC Bank is offering FCNR interest rate for US Dollars as follows:

● 1.93% for 1st year.

● 1.54% for 2nd year.

● 1.22% for 3rd year.

● 1.17% for 4th year.

● 1.15% for 5th year.

SBM Bank

The FCNR deposit interest rate for HDFC bank are:

● 2.22% for 1 year and above but less than 2 years.

● 2.26% for 2 years and above but less than 3 years.

● 1.00% for 3 years and above but less than 4 years.

● 1.00% for 4 years and above but less than 5 years.

● 2.96% for 5 years and is the maximum interest rate limit.

Axis Bank

Axis Bank is offering FCNR interest rate for US Dollars as follows:

● 2.65% for the first year.

● 2.65% for the second year.

● 2.50% for the third year.

● 2.50% for the fourth year.

● 2.50% for the fifth year and above.

Bandhan Bank

Bandhan Bank offers high FCNR interest rate for the first two years, which then decreases gradually as follows:

● 3.73% for the first year.

● 3.63% for the second year.

● 2.40% for the third year.

● 2.41% for the fourth year.

● 2.43% for the fifth year.

Bank of India

The FCNR interest rate for BOI are as follows:

● 2.61% for the first year.

● 2.41% for the second year.

● 2.40% for the third year.

● 2.41% for the fourth year.

● 2.43% and above for the fifth year and above.

DCB Bank

The FCNR interest rate for DCB Bank is as follows:

● 3.00% for the first year.

● 2.75% for the second year.

● 2.50% for the third year.

● 2.50% for the fourth year.

● 2.50% for the fifth year.

Federal Bank

The FCNR interest rate for Federal bank is:

● 2.84% for 1st year.

● 2.61% for 2nd year.

● 2.55% for 3rd year.

● 2.51% for 4th year.

● 2.53% for 5th year.

IDBI Bank

The FCNR account interest rate for IDBI Bank are:

● 2.61% for the first year.

● 2.51% for the second year.

● 2.40% for the third year.

● 2.41% for the fourth year.

● 2.43% for the fifth year.

IDFC Bank

The FCNR interest rate for IDFC Bank are:

● 3.74% for the first year.

● 3.21% for the second year.

● 2.84% for the third year.

● 3.60% for the fourth year.

● 2.56% for the fifth year.

Kotak Mahindra Bank

The FCNR interest rate for the Kotak Mahindra Bank is as follows:

● 2.15% for the first year.

● 1.80% for the second year.

● 1.50% for the third year.

● 1.40% for the fourth year.

● 1.25% for the fifth year.

These are a few of the top banks that are offering best FCNR rates for USD in India. Reach out to them to know more details about the FCNR fixed deposit account norms.