FCNR (B) Deposit FCNR (B) Fixed Deposit Account FAQs Basic Information What is an FCNR (B) Fixed Deposit? An FCNR (B) Fixed Deposit is a secure foreign currency deposit offered by ICICI Bank to Non-Resident Indians, OCIs and PIOs. It allows you to invest your foreign earnings in approved international currencies while protecting your funds from exchange rate fluctuations. The principal and interest remain in the same foreign currency throughout the tenure, ensuring complete insulation from INR volatility along with attractive, fixed returns. What are the main currency options available for FCNR (B) deposits? ICICI Bank allows FCNR (B) deposits to be opened in widely accepted global currencies such as: US Dollar (USD) Great Britain Pound (GBP) Australian Dollar (AUD) Canadian Dollar (CAD) Singapore Dollar (SGD) These currencies ensure global accessibility while safeguarding your savings from rupee depreciation risks. What tenure options are available for FCNR (B) deposits? FCNR (B) deposits can be opened for a minimum tenure of 1 year up to 5 years, offering flexibility based on your financial goals. Is the interest earned on an FCNR (B) deposit taxable in India? No. Interest earned on FCNR (B) deposits is completely tax-free in India as long as your NRI status is maintained. This makes FCNR (B) a highly efficient foreign currency investment. However, tax implications may apply in your country of residence based on local regulations. Are deposits under FCNR (B) fully repatriable? Yes. Both the principal and interest on FCNR (B) deposits are fully repatriable without restrictions. This allows NRIs to freely move their funds back to any overseas bank account upon maturity or premature closure, making FCNR (B) one of the most flexible international deposit products. Who is eligible to open FCNR (B) deposits? FCNR (B) deposits can be opened by NRIs, OCIs and PIOs using foreign currency remittances or transfers from NRE/FCNR accounts. How does an RFC deposit differ from an FCNR (B) deposit? FCNR (B): Meant for NRIs; fully repatriable; interest tax-free; funds remain in foreign currency. RFC: Meant for returning NRIs; interest taxable; repatriation depends on residency status; ideal for holding foreign currency post-return. Both products offer foreign currency protection but cater to different residency needs. Can I open an FCNR (B) deposit online from abroad? Yes. FCNR (B) deposits can be easily opened through Net Banking or iMobile Pay (NRI version) from anywhere in the world. You may book the FCNR (B) deposits via Wire transfer. Mandatory details to book an FCNR (B) Deposit via Wire Transfer – Customer ID: Customer ID for which the deposit is to be created. Deposit Currency: USD, GBP, AUD, CAD, or SGD Minimum Deposit Amount: USD & GBP – 1,000 foreign currency units; AUD, CAD & SGD – 2,000 foreign currency units. Tenure: Specify the desired deposit tenure. If not specified, FCNR (B) Deposit will be booked for a default tenure of 1 year and 1 day. Interest Payout: Specify the interest payout option – Traditional or Cumulative. If interest payout option is not specified while initiating wire transfer, the FCNR (B) Deposit will be booked under Cumulative scheme. Traditional - Interest is paid out half-yearly. Simple interest is used to calculate interest. Cumulative - Interest is compounded half-yearly and paid on maturity along with principal. Traditional - Interest is paid out half-yearly. Simple interest is used to calculate interest. Cumulative - Interest is compounded half-yearly and paid on maturity along with principal. Are nominations allowed on FCNR (B) deposits? Yes. You can add or update nominees for both FCNR (B) deposits. Nomination ensures quick and hassle-free settlement of funds to the beneficiary in case of an unforeseen event, providing peace of mind and smooth financial continuity. What is the minimum deposit amount for FCNR (B) deposits? The minimum deposit amount is Documents Required What documents are needed to open an FCNR (B) deposit? To documents required for opening FCNR (B) deposit are: Existing Customers: FCNR (B) deposit request . Note : If the PAN is not available and updated in the Bank ’s records then the Form 97 is required. New to Bank customer: The existing process to be undertaken for NRI account opening and FCNR (B) deposit creation request. Eligibility & Application Who is eligible to open an FCNR (B) deposit at ICICI Bank? FCNR (B) deposits can be opened by: Non-Resident Indians Overseas Citizens of India (OCIs) Persons of Indian Origin (PIOs) Deposits must be funded through foreign remittances or transfers from NRE accounts. Can returning NRIs convert an existing NRE/FCNR deposit into an RFC deposit? Yes. Returning NRIs may redesignate their FCNR (B) deposits as RFC deposits upon confirmation of their residency change. This helps retain foreign currency even after returning to India. Can OCIs/PIOs open an FCNR (B) deposit? Yes. OCIs and PIOs can open FCNR (B) deposits. Can minors open FCNR (B) deposits? Yes. FCNR (B) Minors can open these deposits through their natural guardian or court-appointed guardian. Fees, Interest & Charges Are there any charges for opening an FCNR (B) deposit? No. ICICI Bank does not levy any charges for opening FCNR (B) deposits. Your entire contribution remains invested and begins earning interest from the date of deposit. Can interest rates change mid-tenure? No. Once the deposit is booked, the applicable interest rate remains fixed for the chosen tenure. Is tax deducted at source (TDS) on interest for FCNR (B) deposits? Interest is tax-free in India; no TDS is deducted. Are there any charges or penalties on renewal? No. Renewing an FCNR (B) deposit is free of charge. You may choose to renew both the principal and interest or alter the tenure based on current goals. Are there any charges or penalties for premature withdrawal of FCNR (B) deposit? FCNR (B) deposit with original tenor of 12 months to < 36 months: Before completion of 12 months: No interest will be payable and no penalty will be levied. After completion of 12 months: On premature withdrawal of the deposit, Interest shall be paid at the rate applicable, on the date of deposit booking, to the amount and period for which the deposit remained with the bank and no penalty will be levied FCNR (B) deposit with original tenor of >= 36 months to <= 60 months: Deposits shall be subject to a lock-in period of 12 months If such deposit is prematurely withdrawn after completion of the lock-in period, including partial withdrawal, interest shall be paid at the rate applicable, on the date of deposit booking, to the amount and period for which the deposit remained with the bank, less 1% penalty Credit Limit & Usage Can I take a loan against my FCNR (B) deposit? Yes. ICICI Bank offers overdraft or loan facilities against FCNR (B) deposits. The FCNR (B) deposits booked under the revised RBI notification dated June 08,2026, Overdraft can be offered only after completion of one year from the date of deposit creation. Since, the deposit under one-year lock-in period. Over draft rate = FD rate + Swap rate + Spread rate ; Maximum Overdraft limit is upto 80% The overdraft limit is differed from currencies to currencies. What is the maximum loan amount against FCNR (B) deposits? You may borrow up to 80% of the deposit value, subject to Bank policy. This includes both principal and accumulated interest for the tenure completed. The exact limit depends on currency type and tenure. As, the overdraft limit is differed from currencies to currencies. Does the deposit continue to earn interest if a loan is taken? Yes. Your FCNR (B) continues to earn interest at the contracted rate even if you have taken a loan or overdraft against it. The deposit remains intact and the loan is secured through a lien. Are there repatriation conditions affecting loan usage? Loans taken against FCNR (B) deposits must comply with FEMA regulations. The loan amount is non-repatriable. Rewards & Offers Are there any special offers or promotional rates for FCNR (B) deposits? ICICI Bank may introduce special promotional interest rates or limited-period offers on select FCNR (B) currencies or tenures. These campaigns are usually aligned with global rate movements or festive seasons to provide enhanced value to NRI customers. Customers are advised to check the Bank’s digital channels or speak with their Relationship Manager for the latest offers. Add-On features Can I nominate a legal heir for FCNR (B) deposits? Yes. Nomination facilities are available for both FCNR (B) deposits. Can I hold the deposit jointly (NRI + resident) under FCNR (B)? Joint holding is permitted only with another NRI/OCI/PIO. A resident Indian can be a joint holder with “Former or Survivor” mode of operation. Can I set automatic renewal for FCNR (B) deposits? Yes. You may set auto-renewal instructions for both the principal and interest portions at the time of booking. On maturity, the deposit gets renewed for the same tenure at the prevailing interest rate. Auto-renewal helps ensure uninterrupted earnings without needing active intervention. Can I change the deposit tenure mid-way? No. The tenure selected at the time of opening the FCNR (B) deposit cannot be changed during the deposit period. If you need a different tenure, the existing deposit must be closed prematurely and rebooked, subject to applicable rules. Is partial withdrawal permitted in FCNR (B) deposits? Yes. Partial withdrawal is permitted for FCNR (B) deposits. FCNR (B) deposit with original tenor of >= 36 months to <= 60 months: Deposits shall be subject to a lock-in period of 12 months If such deposit is partial withdrawn after completion of the lock-in period, interest shall be paid at the rate applicable, on the date of deposit booking, to the amount and period for which the deposit remained with the bank, less 1% penalty. What are the key benefits of an FCNR (B) deposit? FCNR (B) deposits offer several advantages including: Protection from INR currency fluctuations Tax-free interest in India Full repatriability of principal and interest Assured, fixed returns

Availability in multiple global currencies These benefits make FCNR (B) a highly stable and efficient investment option for NRIs seeking foreign currency growth with minimal risk. How does FCNR (B) protect me from currency risk? In an FCNR (B) deposit, both your principal and interest remain entirely in the same foreign currency. There is no conversion to INR, which fully protects your investment from rupee depreciation. This ensures stable returns irrespective of fluctuations in the currency markets. Are these deposits safer compared to other global investments? Yes. FCNR (B) deposits are governed by RBI regulations, offer capital protection, and ensure fixed interest returns. They do not carry market-linked risks or currency volatility risks (for FCNR). This makes them more secure and predictable compared to equities, mutual funds, or currency-exposed portfolios. Funding, Interest and Payout How are funds for FCNR (B) deposited? Funds for FCNR (B) deposits can be contributed via: Foreign inward remittances/Wire transfer Transfers from existing NRE account Conversion of existing deposits upon maturity All contributions must comply with FEMA guidelines. Can I fund the deposit from an overseas bank account? Yes. FCNR (B) deposits can be funded through foreign inward remittances sent directly from your overseas bank account via SWIFT/TT transfer. While initiating the wire transfer, customer required to mentioned Customer ID in place of account number, Purpose as “Booking of FDNR(B) Deposit”, tenure, currency and maturity instruction Auto renewal or Auto closure. What is the frequency of interest payout for such FCNR (B) deposit ? The interest payout for FCNR (B) deposit can be either traditional or cumulative. Traditional: Interest is paid on half yearly basis Cumulative: Interest is accumulated with the principal and is paid on maturity along with the deposit amount. Can the interest be credited to an overseas account? Yes. For FCNR (B), both principal and interest are fully repatriable and may be credited to any overseas bank account upon maturity. Can I change the currency of deposit after booking? No. Once booked, the currency of an FCNR (B) deposit cannot be changed mid-tenure. If you need to invest in a different currency, you must open a new deposit in your preferred currency. Premature Withdrawals Can I close an FCNR (B) deposit before maturity? Yes. Premature closure is permitted for FCNR (B) deposits. FCNR (B) deposit with original tenor of 12 months to < 36 months: Before completion of 12 months: No interest will be payable and no penalty will be levied. After completion of 12 months: On premature withdrawal of the deposit, Interest shall be paid at the rate applicable, on the date of deposit booking, to the amount and period for which the deposit remained with the bank and no penalty will be levied FCNR (B) deposit with original tenor of >= 36 months to <= 60 months: Deposits shall be subject to a lock-in period of 12 months If such deposit is prematurely withdrawn after completion of the lock-in period, including partial withdrawal, interest shall be paid at the rate applicable, on the date of deposit booking, to the amount and period for which the deposit remained with the bank, less 1% penalty What happens to interest if I close early? If the deposit is closed prematurely, interest will be recalculated based on the actual period the deposit remained with the Bank. If withdrawn within 1 year, FCNR (B) deposits generally do not earn any interest. For tenure of 36 months to 60 months, 1 year lock-in and penalty of 1% on premature withdrawal after one year) How is the payout calculated if closed prematurely? The payout consists of: The principal amount in the original currency Interest applicable for the period completed (if eligible) Less any premature withdrawal penalties Exchange rates do not affect FCNR (B) payouts since the amount remains in foreign currency. Can FCNR (B) deposits be converted into monthly payout or EMI-style inflows? No. FCNR (B) deposits do not allow monthly or quarterly interest payout due to foreign currency regulations. Are loan facilities different for FCNR (B) vs RFC deposits? Both FCNR (B) and RFC deposits support loans, but with some differences: FCNR (B): Loans can be availed in INR or foreign currency, subject to FEMA restrictions. Repatriation rules apply. RFC: Loans are usually offered in INR since the depositor is now a resident. In both cases, the FD continues to earn full interest while the loan remains active. Reload & Refunds Can I top up an FCNR (B) deposit after booking? No. FCNR (B) deposits do not allow additional funds to be added once the deposit is created. If you wish to invest more, you can simply open a new deposit in the desired currency and tenure. What if the remittance fails or the currency is incorrect? ICICI Bank offer FCNR (B) deposits in 5 major currencies i.e. USD, GBP, AUD, SGD and CAD. If a remittance fails or is rejected due to incorrect currency or compliance concerns, the funds are returned to the originating account through standard banking channels. If the deposit was not successfully created, no amount is deducted from your account. You may be asked to provide remittance advice or SWIFT details for reconciliation. How is refund processed for reversed/failure cases? If a booking fails after debit, the amount is automatically credited back to the source account NRE, overseas bank account depending on the origin of funds. Refunds occur in the same currency used during the transaction. Can I add more funds in a different currency? No. FCNR (B) deposits are maintained in a single currency throughout the tenure. To invest in another currency, you must open a separate deposit. Account Closure & refunds What happens when the FCNR (B) deposit matures? At maturity, the principal and interest are paid in the same currency as the deposit. You may choose to: Renew the deposit for a new tenure Transfer funds to your NRE Repatriate the funds to overseas account Maturity details are displayed on your Net Banking dashboard for easy planning. Can I instruct automatic renewal at maturity? Yes. You can set auto-renewal instructions for FCNR (B) deposits at the time of opening or anytime during the tenure. The deposit gets renewed for the same tenure at the prevailing interest rate unless instructions are modified before maturity. What happens if my residency status changes during tenure? If NRI becomes Resident: FCNR (B) deposit may be continued until maturity and then FCNR (B) deposit can be converted to RFC or resident FD. Tax implications change from date of residency. How can legal heirs claim the deposit? Legal heirs or nominees must submit: Death certificate KYC documents of nominee or legal heirs Deceased Claim form Will (If available) After verification, the deposit amount is transfer to nominee or legal heir account in the same currency or converted to INR depending on the resident status of the claimant. What are the repatriation rules on closure? Full repatriation of both principal and interest allowed. Security & safety Are FCNR (B) deposits covered under deposit insurance (DICGC)? Yes. FCNR (B) deposits are covered under DICGC insurance up to ₹5 lakh per depositor per bank (after conversion to INR). This provides an added layer of safety alongside RBI’s regulatory framework. How can I verify the authenticity of my deposit account? You can verify deposit details through: Deposit advice or confirmation email These platforms display the currency, tenure, rate, and maturity amount in real time. Is online booking secure? Yes. FCNR (B) can be safely booked online through encrypted sessions, OTP authentication, multi-factor login and digital verification. ICICI Bank follows global cybersecurity standards to ensure your financial data remains secure. What should I do if I suspect fraudulent activity? Immediately contact ICICI Bank Customer Care or your Relationship Manager. The Bank will take urgent steps such as blocking transactions, reviewing account activity and ensuring your deposit remains protected. Monitoring transaction alerts regularly is recommended. Account Management How can I view my FCNR (B) deposit details online? You can view all details including currency, balance, interest rate, maturity date and renewal instructions through: Deposit advice or confirmation email Can I change the nominated person post-opening? Yes. You can modify nominee details at any time by submitting a nominee updation request through digital or branch channels. Changes take effect once updated in Bank records. Can I download statements and interest certificates? Yes. You can download FCNR deposit statements, interest certificates, maturity advices and renewal confirmations through Net Banking. Can the deposit be transferred to another bank? No. FCNR (B) deposits cannot be transferred between banks. You must close the existing deposit and open a new one with the desired bank. Repatriation or conversion rules apply depending on account type. Are there any tax implications abroad for interest earned? Yes. While FCNR interest is tax-free in India, many countries tax global income, including foreign currency interest. What happens if I forget to give maturity renewal instructions? If no instructions are provided: FCNR (B) deposits may be renewed automatically for the same tenure, OR On maturity it will be tagged as Overdue deposit. The deposit will be continue to be governed by the Bank’s policy applicable to overdue deposit until further instructions are received from the customers. Customers may submit the renewal instruction through Internet Banking, IMobile, Phone Banking, Branch, or their relationship Manager.