Earn stable returns in foreign currency without exchange risk

Grow your overseas earnings with fixed deposits maintained in designated foreign currencies, offering assured returns and full repatriation benefits

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Deposits maintained in major
foreign currencies

Protection from exchange rate
fluctuations

Fully repatriable principal
and interest

Attractive interest rates with
flexible tenures

TMB Foreign Currency Non Resident Bank Account

FCNR (B) Deposits allow NRIs to invest foreign earnings
in the same currency, ensuring stability, safety, and regulatory compliance

Deposits held in designated foreign currencies

Fixed returns without currency conversion risk

Loan and overdraft facilities against deposits

Joint account facility with other NRIs

summarize

Overview

The FCNR (B) Deposit Account from Tamilnad Mercantile Bank is a fixed deposit scheme designed for Non-Resident Indians to hold deposits in foreign currencies

Product Highlights

FCNR (B) Deposits are available in major foreign currencies as permitted by RBI, allowing customers to retain their savings in the original currency. Both principal and interest are fully repatriable, providing flexibility for international fund movement

Features and Benefits

With FCNR (B) Deposits, customers benefit from assured returns without exposure to foreign exchange volatility. The deposits are maintained in foreign currency, eliminating conversion risks. They are governed by RBI and FEMA regulations, ensuring complete compliance

Eligibility

FCNR (B) Deposits can be opened by Non-Resident Indians and Persons of Indian Origin as defined under FEMA guidelines. Joint deposits are permitted only with other eligible NRIs. Applicants must complete KYC documentation

Account Highlights

Term Deposits in USD, GBP, EUR, CAD, AUD, JPY and CHF for a period from 1 to 5 years can be opened.
Remittances received in other convertible Currencies will be converted into any of the seven currencies named above at the option of the depositor. Any subsequent change will be at the cost of the Depositor.
Interest is payable in the same currency of the deposit either at half-yearly intervals or on maturity.
For deposits placed with Half yearly interest payout option and deposits placed for a period of one year, Simple Interest calculation is applicable.
In the case of half yearly interest payout,
The first interest payout will be at discounted rate if the broken period is less than the period of 6 months.
The half yearly interest payout can either be repatriated or converted to Indian Rupees at the market rate prevailing on the date of interest payout and can be credited to the depositor's NRE account.
Interest payout will be made on the last working day of March and September and on the maturity date. If the last working day of March / September is a holiday then the half yearly interest payouts will be made on the next working day.
To enjoy compounding effect, the deposits should be placed for a minimum period of one year and one day.
FCNR account can be opened jointly with other NRIs. NRIs are also permitted to open joint accounts with their resident close relatives (as defined in section 2(77) of the Companies Act, 2013) on former or survivor basis.
Nomination facility: Permitted. In favour of one person only.
Maturity proceeds can be repatriated.
No interest shall be paid on deposits which are pre-closed before expiry of minimum period of ONE YEAR. Please check our premature closure policy referred below for complete details.
Matured deposit in full or in part shall be renewed from the due date for a minimum period of one year with effect from the date of renewal and the interest rate for the renewed portion will be the interest applicable for the total renewed period ruling on the date of maturity of the original deposit or on the date of renewal, whichever is lower.
There is no ceiling on amount of Deposit. However deposits are accepted in minimum lots of USD 1000, GBP 500, EURO 500, CAD 1000, AUD 500, JPY 100,000 and CHF 500.
No income tax deducted on interest earned in FCNR(B) deposit.

Schemes

Learn more about the Current Pre Closure Norms of FCNR / RFC Deposits at TMB.
TMB has a very clear cut and transparent policy of the charging of penal interest / charges towards the pre closure of deposits with the bank. These norms are strictly followed by the bank for every deposit made.

No Interest will be paid for :

No interest will be paid for the FCNR (B), FCNR Plus & RFC Deposits with are prematurely closed before completion of one year from the date of opening of the deposit.
For the deposits which are prematurely closed after completion of one year from the date of opening of deposit, interest will be paid at the rate of interest applicable for the period for which the deposit remained with the bank prevailing on the date of opening of the said deposit or the contracted rate of interest, whichever is less minus one hundred basis points (1%).

Exemption from Premature Renewal :

In case of FCNR (B), FCNR Plus & RFC Deposits which are extended during the tenure of the deposit for a period longer than the balance period (i.e. The remaining period of the deposit), the period of extended deposit shall be minimum of twelve months and a maximum of 5 years effective from the date of extension subject to the following condition :

If such premature extension is done before completion of 12 months no interest is payable on such deposits (as per RBI guidelines).
In all other cases, interest shall be paid at the rate applicable for period for which the deposit has actually run as prevailing on the date of opening the deposit or the contracted rate of interest whichever is less minus one hundred basis points (1%).

Note :

If such extended deposit is prematurely closed, the payment of interest will be as given below :

No interest will be paid if the deposit has not crossed the minimum period of 12 months from the date of opening of the original deposit.
In all other cases, interest shall be paid at the rate of interest ruling on the date of original deposit (deposit before premature renewal) for the period for which the deposit has run from the date of original deposit or the contracted rate of original deposit whichever is less minus one hundred basis points (1%).

The penal clause will be applicable for all the new deposits opened / deposits which are renewed on or after Sep 01, 2016.

Download Form

Sr. no. arrow_downward	File name arrow_downward	File type arrow_downward	Action arrow_downward
1	FCNR(B) application form	PDF	View

Deposit Interest Rates

TMB has been consistently offering higher rates of interest for the past several years for the benefit of its depositors since its cost of operations is low compared to other banks. The rates are split for different segments to offer the highest rate of interest possible. Apart from the Regular Domestic Deposits, we have special rates for High Value Deposits as well as even higher interest rates for Senior Citizens of India.

Savings Bank Account

Balance up to 5 lakhs	2.60% (p.a)
Balance > 5 Lakhs to 10 Lakhs	3.00% (p.a)
Balance > Rs.10 lakh up to Rs.1 Crore	3.25% (p.a)
Balance > Rs.1 Crore up to Rs.2 Crore	4.50% (p.a)
Balance > Rs.2 Crore up to Rs.10 Crore	6.00% (p.a)
Balance > Rs.10 Crore up to Rs.25 Crore	5.50% (p.a)
Balance > Rs.25 Crore up to Rs.100 Crore	5.00% (p.a)
Balance > Rs.100 Crore	4.00% (p.a)

Terms and Conditions

Above Interest Rates applicable from July 01,2026.
Rates offered on daily closing balance in SB Account and compounded quarterly.
Please note that Interest Rates are subject to change without notice as per the market trends and the bank’s decision in this regard is final.

Domestic & NRO Term Deposits

RATE ON DOMESTIC TERM DEPOSITS & NRO DEPOSITS* (p.a). DEPOSITS BELOW RS.3 CRORE Domestic and NRO Term Deposits W.E.F 10.04.2026 (Percentage per annum)
Period	General Public (Below Rs.3 crore)		Senior Citizen (Below Rs.3 crore)		Super Senior Citizen (Below Rs.3 crore)
Period	Callable	Non-Callable (Above ₹ 1 Cr)^#	Callable	Non-Callable (Above ₹ 1 Cr)^#	Callable	Non-Callable (Above ₹ 1 Cr)^#
7-14 days	4.00	-	4.00	-	4.00	-
15-29 days	4.25	-	4.25	-	4.25	-
30-45 days	4.50	-	4.50	-	4.50	-
46-60 days	4.80	-	4.80	-	4.80	-
61-90 days	4.80	-	4.80	-	4.80	-
91-120 days	5.80	5.90	5.80	-	5.80	-
121-179 days	5.80	5.90	5.80	-	5.80	-
180-270 days	6.30	6.40	6.30	-	6.30	-
271 days to less than 1 year	6.50	6.60	6.50	-	6.50	-
1 year	6.80	6.90	7.30		7.40
Above 1 year to less than 456 days	6.70	6.80	7.20	-	7.30	-
456 days (TMB 456 Special Deposit scheme) @	7.10	7.20	7.50	-	7.60	-
Above 456 days to 566 days	6.60	6.70	7.10	-	7.20	-
567 days (TMB 567 Special Deposit scheme) @	7.25	7.35	7.70	-	7.75	-
Above 567 days to less than 2 years	6.60	6.70	7.10	-	7.20	-
2 years to less than 3 years	7.00	7.10	7.50	7.60	7.60	7.70
3 years to 10 years	6.70	6.80	7.20	7.30	7.30	7.40

@ Special schemes are available for limited period only

# Non Callable Term Deposits are deposits where Premature withdrawal is not permitted.

Note:

Senior Citizen – aged 60 years and above
Super Senior Citizen – aged 80 years and above
Additional rate of interest payable on term deposits to Senior Citizens and Super Senior Citizens shall not apply to NRO Term Deposits
Additional rate of interest payable on term deposits to Senior Citizens and Super Senior Citizens shall not apply for the period less than one year
There is no penal interest for premature closure of bulk deposits (Rs.3 crore and above) after 7 days of opening.

Bulk Domestic /NRO/NRE Term Deposit

Rate on Bulk Deposits (Domestic Term Deposits & NRO/NRE* Deposits) (%p.a) With effect from 12.08.2026
Period	Callable							Non-Callable #
	3 to <5cr	5 to <10cr	10 to <25 cr	25 to <50 cr	50 to <100 cr	100 cr to <250 cr	250 cr & above	3 to <5cr	5 to <10cr	10 to <25 cr	25 to <50 cr	50 to <100 cr	100 cr to <250 cr	250 cr & above
7-14 days	4.05	4.05	4.05	4.55	4.80	4.80	4.80	–
15-29 days	4.30	4.30	4.35	4.80	4.80	4.80	4.80	–
30-45 days	5.30	5.30	5.30	5.30	5.30	5.30	5.30	–
46-60 days	5.55	5.55	5.55	5.55	5.55	5.55	5.55	5.80	5.80	5.80	5.80	5.80	5.80	5.80
61-90 days	5.55	5.55	5.55	5.55	5.55	5.55	5.55	5.80	5.80	5.80	5.80	5.80	5.80	5.80
91-120 days	5.80	5.80	5.80	5.80	5.80	5.80	5.80	6.05	6.05	6.05	6.05	6.05	6.05	6.05
121-179 days	6.30	6.30	6.45	6.45	6.50	6.50	6.50	6.35	6.35	6.55	6.55	6.55	6.55	6.55
180-270 days	6.30	6.30	6.45	6.45	6.50	6.50	6.50	6.35	6.35	6.55	6.55	6.55	6.55	6.55
271 days to less than 1 year	6.55	6.55	6.80	6.80	6.80	6.80	6.80	6.60	6.60	7.05	7.05	7.05	7.05	7.05
1 year	7.40	7.40	7.40	7.40	7.40	7.40	7.40	7.50	7.50	7.50	7.50	7.50	7.50	7.50
>1 year to 15 months	7.30	7.30	7.30	7.30	7.30	7.30	7.30	7.40	7.40	7.90	7.90	7.95	7.40	7.40
>15 months to <2 years	7.25	7.30	7.30	7.30	7.30	7.30	7.30	7.30	7.55	7.55	7.55	7.55	7.55	7.55
2 years to <3 years	6.55	6.55	6.55	6.70	6.70	6.70	6.70	6.80	6.80	6.80	6.80	6.80	6.80	6.80
3 years to 10 years	6.55	6.55	6.55	6.70	6.70	6.70	6.70	6.80	6.80	6.80	6.80	6.80	6.80	6.80

#-Non callable term deposits are deposits where PREMATURE WITHDRAWAL IS NOT PERMITTED.

Note:

There is no penal interest for premature closure of bulk deposits (Rs.3 crore and above) after 7 days of opening.
Kindly contact the nearest branch for Bulk Deposits and other terms and conditions. The above rates are subject to change without prior notice. The acceptance of bulk deposits shall be subject to the permission from Treasury department, keeping in view the liquidity position of the Bank.
* Minimum tenor for NRE Deposit is 1 Year.

NRE Deposits

DEPOSITS BELOW RS.3 CRORE NRE Term Deposits W.E.F. 10.04.2026 (Percentage per annum)
Period	Callable	Non-Callable (Above ₹ 1 Cr)
1 year	6.80	-
Above 1 year to less than 456 days	6.70	6.80
456 days (TMB 456 Special Deposit scheme) @	7.10	7.20
Above 456 days to 566 days	6.60	6.70
567 days (TMB 567 Special Deposit scheme) @	7.25	7.35
Above 567 days to less than 2 years	6.60	6.70
2 years to less than 3 years	7.00	7.10
3 years to 10 years	6.70	6.80

@ Special schemes are available for limited period only

# Non Callable Term Deposits are deposits where Premature withdrawal is not permitted.

Note :

No interest shall be paid on deposits which are pre-closed before the expiry of minimum period of one year
1% penal charges will be levied for premature withdrawal of NRE Term deposits. The penal interest of 1% will be deducted from the rate prevailed on the date of opening of the deposits for the period for which the deposit has remained with us.

With effect from 7th July 2026, the rate of interest on FCNR (B) / FCNR Plus / RFC deposits will be revised as detailed below:

Special Rate of Interest for FCNR (B) deposit (Eligible for FRESH FCNR (B) deposits and renewal of FCNR (B) deposits on MATURITY only):

Currency	3 Years and above but less than 4 Years	4 Years and above but less than 5 Years	5 Years only
USD below 1 Lakh	7.25	7.25	7.25
USD 1 Lakh & above	7.25	7.25	7.25
GBP	6.75	6.75	6.75
EUR	3.50	3.50	3.50

This special rate of interest is applicable for FRESH FCNR (B) deposits and renewal of FCNR (B) deposits on MATURITY only. Any pre-mature closure / renewal of existing FCNR (B) deposits is NOT permitted.
The FCNR (B) deposits accepted IN USD, EUR and GBP for the period 3 years to 5 years will have a lock-in period of one year, and no premature closure will be permitted for one year from the date of deposit.

INTEREST RATE FOR FCNR (B) / FCNR Plus / RFC deposits w.e.f. 7th July 2026

Currency	1 Year but less than 2 Years	2 Years and above but less than 3 Years	3 Years and above but less than 4 Years	4 Years and above but less than 5 Years	5 Years only
USD below 1 Lakh	5.10	4.00	3.90	3.60	3.50
USD 1 Lakh & above	5.50	4.15	3.90	3.60	3.50
GBP	3.80	3.80	3.75	3.50	3.25
EUR	2.50	2.25	2.00	2.00	1.75
CAD	4.00	3.75	3.75	3.50	3.50
JPY	0.50	0.50	0.50	0.50	0.50

Note :

Rates are subject to change without prior notice
No Interest is payable if the deposit is withdrawn before one year
For 1 year deposit, simple interest is applicable
For deposit above 1 year, Interest is compounded at half yearly frequency.

Any pre-closure after completion of one year will be applicable to pre-closure penalty norms.
No interest shall be paid on premature withdrawal of deposits upto 7 days from the date of deposit / renewal. (For deposits opened/renewed on or after 13/06/2024)
The interest rate for premature withdrawal will be calculated based on the applicable rate of interest for the period the deposit has remained with bank less the penal rate (1%).

As per the section 206AA of the Income Tax Act, quoting of Permanent Account Number (PAN) is mandatory, if the interest on term deposits for the financial year exceeds Rs. 50,000.00 for ordinary citizens and Rs. 1,00,000.00 for senior citizens. If PAN is not furnished, then tax has to be deducted at higher rate of 20%. Quoting of PAN in the declaration form 121 is mandatory for non-deduction of tax at source. If PAN is not quoted in the form 121, tax will be deducted at a higher rate of 20%.

Therefore, the customers are requested to furnish their PAN to the Bank and those customers who are eligible to submit Form 121 are requested to submit Form No. 121 with their Permanent Account Number (PAN) along with the photocopy of the PAN Card immediately.

Frequently Asked Questions

Find answers to the most common questions about eligibility, benefits, and
features of the TMB Royal Savings Bank Account

It is a fixed deposit account maintained in designated foreign currencies.

NRIs and Persons of Indian Origin meeting eligibility norms can open this deposit.

Exchange rate risk is not applicable as the deposit is maintained in foreign currency.

Principal and interest are repatriable subject to regulations.

Permitted foreign currencies are as notified by the bank.

It is a fixed deposit account maintained in designated foreign currencies.

NRIs and Persons of Indian Origin meeting eligibility norms can open this deposit.

Exchange rate risk is not applicable as the deposit is maintained in foreign currency.

Principal and interest are repatriable subject to regulations.

Permitted foreign currencies are as notified by the bank.

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Earn stable returns in foreign currency without exchange risk

TMB Foreign Currency Non Resident Bank Account

Overview

Product Highlights

Features and Benefits

Eligibility

Account Highlights

Schemes

Download Form

Deposit Interest Rates

Savings Bank Account

Domestic & NRO Term Deposits

Bulk Domestic /NRO/NRE Term Deposit

NRE Deposits

Frequently Asked Questions

What is an FCNR (B) Deposit? keyboard_arrow_down

Who can open an FCNR (B) Deposit? keyboard_arrow_down

Does the deposit carry exchange rate risk? keyboard_arrow_down

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What is an FCNR (B) Deposit? keyboard_arrow_down

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Does the deposit carry exchange rate risk? keyboard_arrow_down

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