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Union Bank of India – FCNR Deposit Rates
Rates last updated by the bank on . Visit bank site
Rates last updated by the bank on .
₹5l DICGC insuredDICGC insured up to ₹5L
•Ranked #30 of 43 banks for FCNR-USD rates
Maturity | USD | ||
|---|---|---|---|
| Deposit Amount | Under $200K | $200K to $1M | $1M+ |
| 1 to <2 years | 4.40% | 4.50% | 4.50% |
| 2 to <3 years | 3.55% | 3.60% | 3.60% |
| 3 to <4 years | 6.00% | 6.00% | 6.10% |
| 4 to <5 years | 6.15% | 6.15% | 6.25% |
| 5 years | 6.30%BEST | 6.30%BEST | 6.45%BEST |
Compare FCNR rates
Bank Overview
Type
PublicHeadquarters
MumbaiFounded
1919Branches
8697DICGC Coverage
₹5 LakhsFinancial Health Indicators(FY 2026)
NNPA
0.48%Strong
CAR
18.10%Strong
PCR
95.03%Strong
LCR
113.83%Fair
CASA
35.21%Strong
Frequently Asked Questions
As of August 2026, Union Bank of India offers a highest FCNR interest rate of 6.45% for USD, 4.05% for GBP, 2.75% for EUR, 3.00% for CAD, 3.75% for AUD, and 0.20% for JPY. 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.
Union Bank of India supports FCNR deposits in major global currencies, including US Dollar (USD), British Pound (GBP), Euro (EUR), Canadian Dollar (CAD), Australian Dollar (AUD), and Japanese Yen (JPY).
Yes, Union Bank of India 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 However, under RBI regulations, no interest is paid if the deposit is withdrawn before completing the minimum tenure of 1 year. If withdrawn after 1 year, premature penalty charges may apply as per the bank's policy.