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An FCNR(B) deposit is a fixed-term deposit for eligible non-residents, held in a permitted foreign currency rather than Indian rupees. NRE and NRO accounts are rupee-denominated: NRE is generally used for eligible funds intended to remain repatriable, while NRO is designed for Indian income and other rupee transactions, with restrictions on remitting balances abroad. The right option depends mainly on the currency you want to hold, how you will use the money, and whether you need to send it abroad.
FCNR(B), NRE and NRO at a glance
The Reserve Bank of India (RBI) describes these as distinct account and deposit schemes. In this comparison, “repatriation” means transferring funds from India to another country under the applicable rules.
| Feature | FCNR(B) | NRE | NRO |
|---|---|---|---|
| Currency | A permitted freely convertible foreign currency | Indian rupees | Indian rupees |
| Account form | Term deposit only | Savings, current, recurring or fixed/term deposit | Savings, current, recurring or fixed/term deposit |
| Typical purpose | Keep eligible non-resident funds in a foreign-currency term deposit | Hold eligible funds in India as rupees, with repatriability under the scheme | Manage bona fide rupee transactions, Indian income and dues |
| Repatriation | Repatriable under the RBI scheme summary | Repatriable under the RBI scheme summary | Current income may be remitted; other eligible balances may be remitted by NRIs/PIOs up to USD 1 million per financial year, subject to FEMA conditions |
| Indian tax summary in RBI comparison | Income shown as exempt from Indian income tax | Income shown as exempt from Indian income tax | Income shown as taxable |
| Deposit tenor | One to five years | RBI comparison says fixed deposits are usually one to three years; banks may accept longer tenors | As applicable to resident accounts |
Source for the scheme comparison: RBI account comparison. Its tax row is a broad Indian-tax summary, not a determination of an individual’s tax residence, treaty position, or obligations in another country.
What an FCNR(B) deposit is
FCNR(B) stands for Foreign Currency Non-Resident (Banks). It is a term-deposit scheme maintained in a permitted freely convertible foreign currency; it is not a savings or recurring-deposit account. RBI specifies a tenor from one to five years, and its NRI deposit FAQ says a deposit must run for at least one year to be eligible to earn interest. Read the RBI NRI deposit FAQ.
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Because the deposit remains in its chosen foreign currency, the principal is not converted into rupees while it is held. That does not remove all currency risk: the value of the funds in your home currency, or the amount received if you convert them at maturity, can change with exchange rates. RBI does not guarantee a particular exchange outcome.
How NRE differs from FCNR(B)
An NRE (Non-Resident External) account is maintained in Indian rupees and can be opened in savings, current, recurring or fixed-deposit form, subject to the scheme rules. It can receive qualifying inward remittances, interest, transfers from another NRE or FCNR(B) account, and certain investment proceeds. Current income such as rent, dividends, pension and interest may also be credited if it has not lost its repatriable character. NRE balances are repatriable under the RBI scheme summary.
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The practical distinction is currency: an NRE account converts funds to rupees, so their value in another currency can move with the exchange rate. FCNR(B) keeps the deposit in a permitted foreign currency, but requires a term deposit and a qualifying tenor. If you need rupee access for spending or payments in India, NRE may fit better; if you want a foreign-currency deposit, consider FCNR(B) terms offered by your bank.
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How NRO differs from NRE and FCNR(B)
An NRO (Non-Resident Ordinary) account is a rupee account for bona fide transactions in India, including Indian income and dues. Permitted credits include inward remittances, legitimate dues in India and transfers from other NRO accounts. Unlike NRE and FCNR(B), it is not a freely repatriable substitute.
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RBI says current income may be remitted. NRIs and PIOs may also remit eligible NRO balances up to USD 1 million per financial year, subject to applicable FEMA conditions. The limit is a regulatory facility, not a guarantee that every balance can be sent abroad without meeting the conditions. Check the documentation and process with your authorised dealer bank.
Which account or deposit fits your need?
- Choose FCNR(B) for consideration if you want a term deposit in a permitted foreign currency and can commit funds for at least one year. Compare the bank’s currency, tenor, early-withdrawal terms and rate before placing it.
- Consider NRE if you need a rupee account for eligible funds and want repatriability under the scheme. Remember that the account balance is in rupees.
- Consider NRO if you need to receive or use Indian income and manage other legitimate rupee transactions. Plan for the conditions on remitting balances abroad.
RBI sets the regulatory framework; it does not provide one universal current FCNR(B) rate. Rates vary by bank and deposit details, including currency and tenor, and can change. The RBI’s December 2024 FCNR(B) circular refers to the governing directions, but is not a live bank-rate table. Confirm the rate and terms directly with the bank for the date you intend to place the deposit.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happens when you return to India?
A change in residential status can affect how these accounts must be held. RBI says an FCNR(B) deposit may continue until maturity at its contracted rate if the holder chooses. At maturity, the authorised dealer should convert it to a resident rupee deposit or, if the holder is eligible, an RFC account. NRE accounts should be redesignated as resident or their funds transferred to an RFC account on the relevant status change. An NRO account may be redesignated resident when the holder returns intending to stay for an uncertain period. Confirm the applicable steps with your bank when your status changes.
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Check the full terms before opening or renewing
- Verify that you are eligible under the bank’s current account-opening rules.
- For FCNR(B), confirm the permitted currency, tenor, interest rate, maturity instructions and early-withdrawal terms.
- For NRE or NRO, check which credits are allowed and how the bank handles transfers and remittances.
- Ask the bank what documents are needed for an NRO remittance and how it applies FEMA conditions.
- Assess tax based on your individual circumstances and all relevant jurisdictions; the RBI comparison is not personal tax advice.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
