Foreign Currency Non-Resident a Fixed Deposit Option for NRI

Magnifying Glass on the Russian Currency Rubles

Foreign currency non-resident (FCNR) deposits are accounts held in foreign currency by resident Indian citizens in order to earn a higher rate of interest than what is available on domestic deposits. The account can be held in any of the major convertible foreign currencies, including the US dollar, pound sterling, euro, Japanese yen, and Swiss franc.
The FCNR deposit scheme was introduced by the Reserve Bank of India (RBI) in 1976 to attract foreign currency deposits from non-resident Indians (NRIs). The scheme was later extended to resident Indian citizens in 2003.