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Bank of Maharashtra FCNR Rates
Bank of Maharashtra offers Foreign Currency Non-Resident (FCNR) accounts fixed deposit accounts designed for Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs), held in major world currencies. These FCNR deposits provide NRIs with a secure, tax-efficient means to save and earn interest in their preferred foreign currency, while protecting against exchange rate risks.
Guaranteed Returns
Includes Life Cover
Completely Tax Free+
3 Benefits, 1 Plan
Maximum returns offered by:
6.9%*
(Tax-Free)
Guaranteed Plan
(By Insurance companies)4.6%*
(After Tax)
Fixed Deposit
(Offered by Banks)4.0%*
Savings Account
(Post Office)Get Guaranteed returns upto 6.9%*
Fully Tax-Free, Life Cover Included
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Bank of Maharashtra FD Rates
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Bank of Maharashtra FCNR Rates (Effective August 2025)
Bank of Maharashtra offers the following FCNR deposit rates on its FD rate accounts:
| Period | Rates for USD |
Rates for GBP |
Rates for EURO |
Rates for AUD |
Rates for CAD |
| 12-15-18-21 months | 5.20 | 3.65 | 1.50 | 1.25 | 1.04 |
| 24-27-30-33 months | 3.10 | 2.20 | 0.01 | 1.45 | 2.10 |
| 36-39-42-45 months | 3.10 | 2.30 | 0.01 | 1.80 | 2.32 |
| 48-51-54-57 months | 3.00 | 2.30 | 0.10 | 1.85 | 2.38 |
| 60 months | 3.00 | 2.30 | 0.15 | 2.00 | 2.39 |
Rates are subject to revision at the bank’s discretion and depend on currency, deposit size, and tenure.
Bank of Maharashtra FCNR Account Features & Benefits
Below are the features and benefits of the Bank of Maharashtra FCNR account:Â
- Multiple Currencies: Deposits accepted in USD, GBP, EUR, AUD, CAD.
- Flexible Tenure: 1 to 5 years. Some fractional terms (quarterly, half-yearly) also available.
- Tax-Free Interest: Interest earned is exempt from Indian income tax and wealth tax while NRI status is maintained.
- Premature Withdrawal: Allowed, but subject to penalty and lower interest rate (usually 1% less than contracted rate).
- Easy Funding: Via remittance from abroad, transfer from NRE savings accounts, or proceeds from foreign currency instruments.
- Nomination Facility: Available for FCNR deposits.
- Joint Holding: Allowed between two NRIs/OCIs; can be held jointly with resident Indian as 'former/survivor' basis.
How to Open a Bank of Maharashtra FCNR Account
- Eligibility: Only NRIs or OCIs with an existing NRE or NRO account at Bank of Maharashtra.
- Documentation: Account Opening Form for NRIs with supporting documents (passport, visa, proof of NRI/OCI status).
- Funding: Deposit the minimum currency requirement; the account is opened once funded.
- Branch/Online: Apply via branch or contact NRI services for assistance (nriservices@mahabank.co.in, WhatsApp +91 8956032176).
Conclusion
Bank of Maharashtra FCNR deposits are a smart option for NRIs and OCIs seeking fixed returns in foreign currency, with the added advantage of tax-free interest and protection from exchange rate risk. The rates offered as of August 2025 are competitive, and the account opening process is straightforward for existing NRI customers.
FAQs
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Is the principal and interest from Bank of Maharashtra FCNR deposit fully repatriable?
Yes, funds held in an FCNR account, including the principal and the interest earned, are fully and freely repatriable. This means you can transfer the money back to your foreign bank account without any restrictions. -
Can I get a loan against my Bank of Maharashtra FCNR deposit?
Yes, Bank of Maharashtra offers the facility to avail a loan or overdraft in Indian Rupees against the security of your FCNR deposit. -
Can I open a joint Bank of Maharashtra FCNR account?
Yes, you can open a joint FCNR account. The account can be opened jointly by two or more NRIs/PIOs, or by an NRI/PIO with a resident relative on a former or survivor basis. However, during the NRI's lifetime, the resident relative can only operate the account as a Power of Attorney holder.
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