ICICI Bank FCNR Rates 2026: USD & Other Currency Rates
Most people comparing FCNR deposits start with the rate. At ICICI Bank, that is the wrong place to start.
Here is why. ICICI Bank does not offer the same tenure range across every currency.
USD can be booked out to five years. GBP, SGD, CAD and AUD cannot.
That single structural fact decides more about your outcome than any rate difference between banks. It also decides whether you can access the 2026 special-window rates at all.
If you hold pounds in London or Singapore dollars, this matters more to you than to a dollar earner. Let us go through what ICICI Bank offers, and where the constraints sit.
We do not publish rate figures here. They move, and a stale number misleads. We will point you to the live card instead.
Also read: SBI FCNR Rates
The tenure split nobody explains
ICICI Bank's NRI deposits page sets out the position plainly.
FCNR(B) deposits run from one year to five years for USD. For GBP, SGD, CAD and AUD, the range is one year to less than three years.
Its FCNR and RFC page states the same split. USD gets the full range. The other four do not.
Now connect that to the 2026 window. RBI's temporary relaxation and its concessional swap facility applied to FCNR(B) deposits of three to five year tenors.
If a currency cannot be booked for three years or more, it cannot sit in that bucket. So at ICICI Bank, the special-window pricing is effectively a USD story.
👉 Tip: Before comparing rates, check whether your currency can even reach the tenure you want at that bank.
This is a directional reading of the published tenure ranges rather than a statement from the bank. Confirm the position for your currency with ICICI Bank before you plan around it.
Five currencies, and one notable absence
ICICI Bank offers FCNR(B) deposits in USD, GBP, SGD, CAD and AUD, per its FCNR(B) deposit page.
The Singapore Dollar is on the list, which not every Indian bank offers. If you are an NRI in Singapore, that saves a conversion step each way.
The Euro is not on that list. Nor is the Japanese Yen. Both are offered by some other large Indian banks.
This matters for Eurozone NRIs specifically. If you earn and will spend euros, this range does not serve you directly. Converting into USD to chase a rate introduces a currency bet.
For readers weighing a Singapore-based deposit, the tax side is worth reading in parallel. Our note on NRI FD tax rules in Singapore covers the home-country treatment.
Also read: HDFC FCNR Rates
How premature withdrawal actually works here
ICICI Bank publishes two different sets of exit rules, and they attach to different tenure bands.
Take deposits with an original tenor of twelve months to under thirty six months. The bank's FCNR(B) FAQs state that no interest is payable before twelve months, and no penalty is levied.
After twelve months, interest is paid at the rate applicable on the booking date. That applies for the amount and period concerned.
It is not the contracted rate for your original tenure.
For deposits in the three to five year band, the position differs. ICICI Bank's FCNR(B) deposit page states that a one year lock-in applies. Premature closure after the lock-in may attract a penalty under the applicable terms.
That is a meaningful contrast with how some other banks treat their ordinary FCNR deposits. It is worth reading the specific terms attached to your booking rather than assuming a market norm.
👉 Tip: The exit terms are set by the tenure band you choose, not by the bank's general policy page.
The default that catches people out
Two defaults are worth knowing before you send money.
First, tenure. ICICI Bank's FAQs cover the case where you do not specify a tenure. The deposit is then booked for a default of one year and one day.
That default is short. If you meant to lock in for longer, an unspecified instruction quietly puts you in the shortest band available.
Second, renewal. The bank's FAQs state that an auto-renewed deposit renews for the same tenure. It renews at the prevailing interest rate.
Renewing at the same tenure is more predictable than some alternatives. What changes is the rate, which will reflect conditions at that future date rather than today's.
If today's rates reflect a temporary window, a renewal after that window closes will not. Our note on NRE FD renewal mistakes covers the same failure pattern on the rupee side.
Minimum deposit sizes also differ by currency at ICICI Bank, with the non-USD and non-GBP currencies set higher. Check the current minimums on the bank's page before planning a transfer.
Where the live rate card sits
ICICI Bank publishes FCNR(B) rates by currency and tenure, with an effective date on the schedule, and revises them periodically.
Check the current chart on the FCNR(B) deposit page before you act. The bank's own note says rates are subject to change from time to time.
One timing caution. Some bank pages have described the special-rate booking period as running to the end of September 2026.
RBI subsequently brought that deadline forward. Confirm the live cut-off with the bank directly rather than relying on a published page.
To compare across banks rather than within one, our NRI FD rates explorer puts the options side by side. Our overview of the best NRI fixed deposit options sets out the wider field.
For the rupee comparison, see our note on NRE FD interest rates.
How to book, and where value leaks
ICICI Bank lists several routes to open an FCNR(B) deposit. Internet Banking, the iMobile app, a branch visit, customer care and wire transfer all appear on its deposits page.
The route you choose has a cost consequence that the rate card never shows.
Send foreign currency directly by wire and it stays in that currency throughout. Route the same money through a rupee account first and you have converted twice for no reason.
That double conversion can quietly cost more than the difference between two banks' published rates. It is the most common avoidable leak we see on FCNR bookings.
👉 Tip: Fund the deposit in the same currency you want it held in. Never convert on the way in.
ICICI Bank also offers instant generation of a deposit confirmation advice for eligible customers. Download and keep it, since it records your contracted rate and tenure.
That document matters later. If a renewal or premature withdrawal is priced differently from what you expected, the confirmation advice is your reference point.
Loans and overdrafts against FCNR(B) deposits are available on select deposits, subject to the bank's terms. That can be a better answer than breaking a deposit early, given how the exit pricing works.
Tax, and the status it depends on
ICICI Bank states that FCNR(B) interest is exempt from Indian income tax. That holds for the duration of your NRI status.
Read that qualifier carefully. The exemption attaches to your status, not to the deposit.
Your country of residence may still tax the interest. ICICI Bank's own FAQs note that tax implications may apply locally based on your jurisdiction's rules.
The bank also flags that RFC deposits, which are for returning NRIs, carry taxable interest in India. That is the same money, in the same currency, taxed differently because your status changed.
So the planning question is not only what rate you get. It is which side of a status change your maturity date falls on. Our explainer on NRI residential status sets out how that determination works.
For the difference in treatment across account types, see tax on NRE versus NRO accounts.
👉 Tip: Decide your maturity date against your likely return timeline before you decide the tenure.
Joint holding and nomination
ICICI Bank's FAQs set out a rule that surprises people.
Joint holding on an FCNR(B) deposit is permitted with another NRI, OCI or PIO. A resident Indian can be a joint holder, but only under the Former or Survivor mode of operation.
That means the resident joint holder cannot operate the deposit while you are alive. The arrangement exists for succession, not for day to day convenience.
Nomination is available separately, and worth completing at booking. A nomination and a joint holding do different jobs. Having one does not remove the need for the other.
The decision tree
Here is the order we would work through with someone weighing this.
First, currency. Pick the one you will actually spend in, not the one with the best headline. Our guide on INR versus USD for NRIs covers that choice.
Second, tenure feasibility. At ICICI Bank, if your currency is not USD, three years and beyond is not on the menu.
Third, exit terms. Match them to how likely you are to need the money early. If liquidity matters within a year, a deposit is the wrong home entirely.
Fourth, the bank. This comes last. The gap between banks in one currency is usually narrower than the gaps above.
What this product is not
An FCNR deposit preserves capital in a chosen currency. It is not a growth instrument.
Judged on nominal return versus real return, a deposit typically holds value rather than builds it. That is a legitimate goal, but it should be a chosen one.
Locking money for five years also has a cost you do not see on a statement. The time value of money and present value both argue for asking what else that capital could have done.
One structural point deserves stating plainly. Deposits with a scheduled bank in India sit within the DICGC deposit insurance framework, subject to its limits and rules. Deposits placed with an IFSC Banking Unit in GIFT City do not carry that same cover.
That is not an argument against GIFT City. It is an argument for knowing which protection applies to which rupee or dollar.
For the deposit alternative inside GIFT City, see our note on NRI fixed deposits in GIFT City. Already banking with ICICI Bank? Our guide on transferring money from ICICI Bank to GIFT City covers the mechanics.
For the account layer, see the best banks for NRI accounts. Our note on ICICI NRI banking from the UAE covers the Gulf side.
Watch the charges on the transfer and account legs too. Our note on NRI account charges covers where they accumulate.
For resident Indians reading this
FCNR(B) is not open to you. It is a non-resident product by design.
If you hold rupee deposits and Indian equity only, your currency exposure is concentrated by default rather than by choice. GIFT City is the route residents use to hold USD-denominated funds without the overseas remittance process.
Our GIFT City mutual funds explorer lists what is available. Mandates range from the DSP Global Equity Fund to the Tata India Dynamic Equity Fund.
Regional and mid-cap options sit alongside them. The Edelweiss Greater China Equity Fund and Sundaram India Mid Cap Fund target different outcomes.
For longer horizons, GIFT City alternative investment funds and the primary market open further routes. Our explainer on the first GIFT City IPO covers how that market works.
You can also browse mutual fund products and follow market direction on the GIFT Nifty tracker.
Holding resident fixed deposits while your status changes? Our note on converting resident FDs to NRO FDs covers it.
FAQ
Which currencies does ICICI Bank offer for FCNR(B) deposits?
USD, GBP, SGD, CAD and AUD, per its FCNR(B) deposit page. Euro and Japanese Yen are not on that list.
Can I book a five year FCNR deposit in GBP at ICICI Bank?
Per the bank's published tenure ranges, no. Five year tenures are shown for USD, while GBP, SGD, CAD and AUD run to under three years.
What happens if I do not specify a tenure?
ICICI Bank's FAQs state the deposit is booked for a default tenure of one year and one day. Specify your tenure at booking.
What are the premature withdrawal rules?
For twelve month to under three year deposits, no interest and no penalty before a year. After a year, interest is paid at the booking-date rate for the relevant period. Three to five year deposits carry a one year lock-in, with a penalty possible after it.
Is the interest taxable?
ICICI Bank states it is exempt from Indian income tax while your NRI status holds. Your country of residence may tax it, and RFC deposits after your return are taxable in India.
Can my parents in India be joint holders?
A resident can be a joint holder only under the Former or Survivor mode. They cannot operate the deposit during your lifetime.
What we would do next
Check whether your currency reaches the tenure you want before comparing any rates. Confirm the live cut-off date with the bank rather than a published page. Then specify tenure and renewal instructions explicitly at booking.
Belong brings deposit and fund options into one view. Our WhatsApp community is where NRIs work through these choices together.
Sources
ICICI Bank, FCNR(B) Deposit page (currencies, tenure, lock-in and penalty position, tax status): https://www.icici.bank.in/nri-banking/deposits/fcnr-fd
ICICI Bank, FCNR(B) Fixed Deposit FAQs. Covers default tenure, premature withdrawal bands, auto-renewal and joint holding: https://www.icici.bank.in/nri-banking/deposits/fcnr-fd/faqs
ICICI Bank, NRI Deposits overview (currency-wise tenure split): https://www.icici.bank.in/nri-banking/deposits
ICICI Bank, FCNR and RFC Deposits page (tenure ranges by currency, RFC taxability): https://www.icici.bank.in/nri-banking/deposits/fcnr-rfc
ICICI Bank, NRI Fixed Deposit FAQs: https://www.icici.bank.in/nri-banking/deposits/fixed-deposit/fixed-deposit-faqs
Reserve Bank of India, Master Direction on Interest Rate on Deposits. Also the Commercial Banks Amendment Directions, 2026, dated 17 June 2026: https://www.rbi.org.in
Business Standard, RBI lifts cap on FCNR(B) and NRE deposit rates, 17 June 2026: https://www.business-standard.com/finance/news/rbi-lifts-cap-on-fcnr-b-nre-deposit-rates-to-boost-foreign-inflows-126061701121_1.html
Gulf News, RBI brings forward the FCNR(B) deposit mobilisation deadline: https://gulfnews.com/business/banking/rbi-brings-forward-deadline-for-banks-to-raise-fcnr-deposits-after-strong-response-1.500641215
Deposit Insurance and Credit Guarantee Corporation: https://www.dicgc.org.in
Income Tax Department, India: https://www.incometax.gov.in
Rates, tenure ranges and scheme deadlines change. Verify each on ICICI Bank's and RBI's official pages before acting.
Disclaimer
This article is for information only and is not investment, tax or legal advice. It does not account for your personal circumstances, residential status or country of tax residence.
The observation that special-window pricing is effectively limited to USD at this bank is our reading of published tenure ranges. It is not a statement issued by the bank, and should be confirmed directly.
Deposit rates, regulatory ceilings and scheme windows change frequently. Terms described here reflect published positions at the time of writing.
Scenarios described here are illustrative composites drawn from patterns in our advisory conversations. They do not describe any individual client.
Consult a qualified tax adviser in India and your country of residence before booking. Belong is an investment advisory platform and does not accept deposits.