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Indian Overseas Bank – FCNR Deposit Rates
Rates last updated by the bank on 15-Jun-26. Visit bank site
Rates last updated by the bank on 15-Jun-26.
₹5l DICGC insuredDICGC insured up to ₹5L
•Ranked #25 of 43 banks for FCNR-USD rates
Maturity | USD |
|---|---|
| 1 year | 5.00% |
| Above 1 to <2 years | 4.50% |
| 2 to <3 years | 3.20% |
| 3 to <4 years | 6.50%BEST |
| 4 to <5 years | 6.50% |
| 5 years | 6.50% |
Compare FCNR rates
Bank Overview
Type
PublicHeadquarters
ChennaiFounded
1937Branches
3494DICGC Coverage
₹5 LakhsFinancial Health Indicators(FY 2026)
NNPA
0.21%Strong
CAR
19.78%Strong
PCR
97.50%Strong
LCR
121.98%Strong
CASA
41.46%Strong
Frequently Asked Questions
As of August 2026, Indian Overseas Bank offers a highest FCNR interest rate of 6.50% for USD, 4.50% for GBP, 2.50% for EUR, 1.95% for CAD, 1.85% for AUD, 1.39% for SGD, 0.05% for JPY, and 1.60% for NZD. These rates vary based on the maturity period.
No, interest earned on FCNR (Foreign Currency Non-Resident) deposits is completely exempt from income tax in India for NRIs (Non-Resident Indians). There is also no TDS deducted on FCNR interest in India.
Indian Overseas Bank supports FCNR deposits in major global currencies, including US Dollar (USD), British Pound (GBP), Euro (EUR), Canadian Dollar (CAD), Australian Dollar (AUD), Singapore Dollar (SGD), Japanese Yen (JPY), and New Zealand Dollar (NZD).
Yes, Indian Overseas Bank is a scheduled commercial bank regulated by the Reserve Bank of India (RBI). It follows strict banking guidelines, making it a reliable and safe institution for NRI deposits.
Yes, premature withdrawal of FCNR deposits is allowed. However, under RBI regulations, no interest is paid if the deposit is withdrawn before completing the minimum tenure of 1 year. If withdrawn after 1 year, premature penalty charges may apply as per the bank's policy.