Foreign Currency Non Resident Deposit
| FCNR (B) Interest rates are effective from the date of 01 September 2023 | ||||||||||
| Maturity | USD (< 0.5 mio) |
USD (>= 0.5 mio) |
GBP | EURO | AUD | SGD | ||||
1 Year-Less than 2 Year |
5.65% |
5.65% |
5.50% |
3.85% |
4.55% |
3.85% |
||||
2 years -Less than 3 Year |
4.60% |
4.60% |
5.20% |
2.95% |
3.95% |
3.05% |
||||
3 Year-Less than 4 year |
3.90% |
3.90% |
4.55% |
2.40% |
3.50% |
No Quote |
||||
4 Year-Less than 5 Year |
3.50% |
3.50% |
No Quote |
No Quote |
No Quote |
No Quote |
||||
5 Years Only |
3.50% |
3.50% |
No Quote |
No Quote |
No Quote |
No Quote |
||||
Interest Rates are subject to change without notice.
Rates for Senior Citizen category not available for RFC or FCNR[B] Deposits
For FCNR[B] deposits:
Minimum tenure to book FCNR (B) deposit is 1 year
No interest would be paid if the said deposit is pre-closed in less than a year.
For deposits which are prematurely withdrawn after 1 year, penalty applicable as per below:
| Premat Penalty | USD(< 0.5 mio) | USD(≥ 0.5 mio) | GBP | EURO | YEN | AUD | SGD |
|---|---|---|---|---|---|---|---|
| 0.25% | 0.25% | 0.25% | 0.00% | 0.00% | 0.25% | 0.10% |
* Rates for Senior Citizen category not available for FCNR Deposits.
No interest will be payable for FCNR Deposits staying less than 1 year.
Acceptance of deposits of USD 1 mio and above [or equivalent] is at the discretion of the Bank.
| RFC Deposit Interest rates are effective from the date of 01 September, 2023 | ||||||||||
RFC Deposit |
USD (< 0.5 mio) | USD (≥ 0.5 mio) | GBP |
EURO |
AUD |
SGD |
||||
30 days - Less than 6 months |
0.75% |
0.75% |
0.65% |
No Quote |
0.01% |
0.01% |
||||
6 months - Less than 1 Year |
1.50% |
1.50% |
1.50% |
No Quote |
0.01% |
0.01% |
||||
1 Year-Less than 2 years |
5.65% |
5.65% |
5.50% |
3.85% |
4.55% |
3.85% |
||||
2 year -Less than 3 Year |
4.60% |
4.60% |
5.20% |
2.95% |
3.95% |
3.05% |
||||
3 Years Only |
3.90% |
3.90% |
4.55% |
2.40% |
3.50% |
No Quote |
||||
Eligibility for RFC Deposit:
Please Note : For all RFC deposits [for maturity of less than and greater than 1 year], Interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit or the withdrawn amount remained with the bank or at the contracted rate, whichever is lower after deducting applicable penal charge for premature withdrawal as per Terms & Conditions of the bank [with floor of 0].
Your FCNR deposit will be maintained in the following currency as specified / choose at the time of booking deposit. These are: USD, GBP, EURO, AUD, SGD and JPY currencies.
As per current guidelines, the principal amount as well as interest earned on FCNR deposit is exempted form Income tax in India.
Yes, the funds held in your FCNR (B) deposit are fully and freely repatriable (both principal and Interest).
In order to earn interest on your FCNR (B) fixed deposit, it needs to be kept for minimum of 1 year.
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By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
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By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
