A Foreign Currency Non-Resident (FCNR) deposit account is a valuable option if you are earning in foreign currencies and wish to save or invest your income in India. This account assists you in retaining the value of your income, enables you to receive consistent returns, and enjoy repatriation flexibility. Also, learning about FCNR and NRE deposits can help you get to know the eligibility criteria and how they fit your financial goals.

What Is an FCNR Account?

The FCNR account is a fixed deposit account for Non-Resident Indians (NRIs) to store foreign currencies. You can deposit your overseas income inan existing FCNR deposit in approved currencies. The deposit remains in the preferred foreign currency and the balance is not converted into Indian Rupees. IDFC FIRST Bank’s FCNR accounts offered in 5 currencies such as USD, AUD, GBP, EUR and SGD are designed to help NRIs retain the full value of their foreign income while earning stable, tax-free returns.