FCNR (B) Deposit is a type of fixed deposit account that Non-Resident Indians (NRIs) can open in India. This fixed deposit is opened in foreign currency. Only individuals are allowed to open FCNR (B) deposit.

FCNR (B) Deposit can be maintained only in the form of fixed deposit. All other type of accounts including Savings account, Current Account and /or Recurring deposit is not permitted to be opened under this scheme.

FCNR (B)  deposit will be accepted in USD only. We may add permissible currencies as designated by the Reserve Bank from time to time.

Funds for the creation of FCNR (B) deposit can be provided in any of the following ways:

• Existing NRE account: Transfer funds from existing NRE account with Deutsche Bank (India)
• Remittances: Use remittance services to move funds from foreign bank account to FCNR (B) deposit in Deutsche Bank (India) 
• Maturity/ closure from existing  FCNR Deposit can be transferred/used for creation of FCNR (B) Deposit in Deutsche Bank (India)

Transfers from third party accounts will not be allowed and FCNR (B) deposit request will be processed only if the beneficiary and remitter details are the same

FCNR (B) deposit can be opened jointly with other NRIs/PIO

Cumulative deposit can be opened in USD with Deutsche Bank where interest will be paid on maturity. Bank may add other options in future. 

Yes, Nomination in favour of NRI or a resident is allowed in the FCNR (B) deposit. 

We offer below tenures 

• 1 year
• >1 year to 2 years

Longer tenures may be added in future if required.

Interest income from FCNR (B) Deposit  is exempt under extant Indian IT rules. 

Deposit held under FCNR (B) Deposit is not taxable under extant guidelines issued on Wealth Tax. 

Addition of joint holders are allowed only at the time of booking FCNR (B) deposit . Bank may allow deletion of joint account holders as per rules.

Principal and Interest under FCNR (B) Deposit are fully repatriable in foreign currencies.

Yes

Interest on the deposits accepted under FCNR (B) deposit scheme shall be calculated on the basis of 360 days to a year. 

The interest on FCNR (B) deposit shall be calculated at intervals of 180 days each and thereafter for the remaining actual number of days.

Interest on balances held in FCNR (B) deposits will be paid on maturity.

Banks may allow FCNR (B) deposits of NRIs who return to India for permanent settlement to continue till maturity at the contracted rate of interest, if desired, as per rules.

 Bank allows premature withdrawal at the request of the depositor, however, partial withdrawal will not be allowed.

• Less than 1 year: No interest
• 1 year and above: In case of premature withdrawal of fixed deposits, the interest rate will be 1.00% below the applicable interest rate for the deposit. The applicable interest rate will be the rate as on the date of booking for the period for which the deposit has run and not at the contracted rate.

No.  FCNR (B) cannot be booked online. Please connect with branch for assistance.

Maturity proceeds of your FCNR (B) deposit can be credited to your NRE account held with Deutsche Bank India / other bank post converting to INR

OR

You can choose to remit funds abroad in Foreign Currency. In case of remittance of funds, A2 form should be provided before maturity date. In absence of A2 form, maturity proceeds will be credited to existing NRE account with Deutsche Bank.

In case of any change in maturity/ closure instruction, customer should communicate it to the Bank at least 15 days in advance.

You will be required to submit fresh instructions for creation of new FCNR (B) deposit.

In case of a deceased depositor, bank shall pay interest on FCNR deposits as under:

• If paid on the maturity of the deposit, interest shall be paid at the contracted rate.
• If the deposit is claimed before the maturity date, interest shall be paid not at the contracted rate but at the rate applicable to the period for which the deposit remains with the bank and without charging penalty for pre-payment.