{"id":16124,"date":"2026-09-11T15:38:42","date_gmt":"2026-09-11T10:08:42","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=16124"},"modified":"2026-09-09T16:38:38","modified_gmt":"2026-09-09T11:08:38","slug":"fcnr-deposits-vs-corporate-ncds","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/bond-news\/fcnr-deposits-vs-corporate-ncds\/","title":{"rendered":"FCNR Deposits vs. Corporate NCDs: Where Should NRIs Invest Surplus Cash in 2026?"},"content":{"rendered":"<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">\ud83d\udcdd Quick Summary:<\/div>\n<h2 class=\"gpi-custom-widget-h2-content\"><span class=\"ez-toc-section\" id=\"With_the_RBIs_special_FCNRB_swap_window_now_closed_and_dollar_deposit_rates_back_to_earth_NRIs_weighing_surplus_cash_between_FCNR_deposits_and_corporate_NCDs_need_a_fresh_look_This_article_compares_safety_post-tax_yield_currency_risk_and_liquidity_across_both_instruments_with_a_side-by-side_table_and_the_tax_rules_that_actually_decide_your_real_return\"><\/span><strong>With the RBI&#8217;s special FCNR(B) swap window now closed and dollar deposit rates back to earth, NRIs weighing surplus cash between FCNR deposits and corporate NCDs need a fresh look. This article compares safety, post-tax yield, currency risk, and liquidity across both instruments, with a side-by-side table and the tax rules that actually decide your real return.\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n\n\n<p>If you&#8217;re an NRI with surplus dollars, dirhams, or pounds sitting idle, 2026 has been a confusing year to decide where to park it. For a few months, FCNR deposits looked unusually attractive. Some banks briefly offered close to 7% per annum on 3-5 year dollar deposits. <\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/fcnr-deposits-vs-corporate-ncds\/#With_the_RBIs_special_FCNRB_swap_window_now_closed_and_dollar_deposit_rates_back_to_earth_NRIs_weighing_surplus_cash_between_FCNR_deposits_and_corporate_NCDs_need_a_fresh_look_This_article_compares_safety_post-tax_yield_currency_risk_and_liquidity_across_both_instruments_with_a_side-by-side_table_and_the_tax_rules_that_actually_decide_your_real_return\" >With the RBI&#8217;s special FCNR(B) swap window now closed and dollar deposit rates back to earth, NRIs weighing surplus cash between FCNR deposits and corporate NCDs need a fresh look. This article compares safety, post-tax yield, currency risk, and liquidity across both instruments, with a side-by-side table and the tax rules that actually decide your real return.\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/fcnr-deposits-vs-corporate-ncds\/#What_Happened_to_FCNR_Rates_and_Why_It_Matters_Now\" >What Happened to FCNR Rates, and Why It Matters Now&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/fcnr-deposits-vs-corporate-ncds\/#What_Are_Corporate_NCDs_and_Can_NRIs_Even_Invest\" >What Are Corporate NCDs, and Can NRIs Even Invest?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/fcnr-deposits-vs-corporate-ncds\/#FCNR_Deposits_vs_Corporate_NCDs_Side_by_Side\" >FCNR Deposits vs. Corporate NCDs: Side by Side<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/fcnr-deposits-vs-corporate-ncds\/#Tax_and_Repatriation_The_Part_That_Decides_Your_Real_Return\" >Tax and Repatriation: The Part That Decides Your Real Return<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/fcnr-deposits-vs-corporate-ncds\/#So_Where_Should_You_Actually_Park_Surplus_Cash\" >So, Where Should You Actually Park Surplus Cash?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/fcnr-deposits-vs-corporate-ncds\/#Frequently_Asked_Questions\" >Frequently Asked Questions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/fcnr-deposits-vs-corporate-ncds\/#Sources\" >Sources<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/fcnr-deposits-vs-corporate-ncds\/#Disclaimer\" >Disclaimer<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<p>This spike was due to the special RBI dollar-rupee swap window open from June 8th, 2026, to defend the rupee, under which the central bank absorbed the cost of currency hedging for banks with longer-tenor deposits. That window has since been closed, and rates have reset sharply lower. This changed the comparison for people considering FCNR deposits vs. corporate NCDs for surplus cash parking. For NRIs that are seeking safety, tax efficiency, and a real yield, here is a numbers-based comparison.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Happened_to_FCNR_Rates_and_Why_It_Matters_Now\"><\/span><strong>What Happened to FCNR Rates, and Why It Matters Now&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The RBI&#8217;s concessional swap facility for FCNR(B) deposits was originally open until September 30, 2026, but a strong response led the RBI to close mobilization early, on August 31, 2026 <sup>[1]<\/sup>. The result was immediate: HDFC Bank lowered its five-year US dollar FCNR(B) rate to 3.15% from 6.25% <sup>[2]<\/sup>, and ICICI Bank lowered its five-year rate to 2.90% from 6% <sup>[2]<\/sup>, effective September 1. The regular five-year FCNR(B) rate offered by SBI is currently at 3.05% <sup>[2]<\/sup>, down from the 5.75\u20136% range it briefly offered during the window.<\/p>\n\n\n\n<p>Here&#8217;s the counterintuitive part: because only 3-5 year deposits were eligible for the swap boost, many banks&#8217; shorter-tenor (1-2 year) FCNR rates were never increased, and, after the reset, some long-tenor rates are now less than short-tenor rates. So, the &#8220;up to 7%&#8221; FCNR rate that is still widely advertised is no longer accurate. When you are planning to make an FCNR booking, make sure to check the rate card published by the bank for that tenor. Don&#8217;t rely on any article, including this one, for the exact number on the day you invest.<\/p>\n\n\n\n<p>What hasn&#8217;t changed: interest earned on FCNR deposits remains fully tax-exempt in India under Section 10(15)(iv), and your principal and interest stay in foreign currency, so there&#8217;s no rupee depreciation risk.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Are_Corporate_NCDs_and_Can_NRIs_Even_Invest\"><\/span><strong>What Are Corporate NCDs, and Can NRIs Even Invest?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A <a href=\"https:\/\/goldenpi.com\/bond-ipo-online\">Non-Convertible Debenture<\/a> (NCD) is like a company\u2019s IOU. You lend money to a company for a fixed period of time at a fixed rate of interest. Unlike a convertible debenture, an NCD cannot be converted to equity. NBFCs like Bajaj Finance, Shriram Finance, Muthoot Finance, and Cholamandalam regularly issue these to raise capital, often at a lower cost compared to bank borrowings, and typically offer higher coupons than bank FDs. Recently issued and traded NCDs illustrate the wide range of yields available to investors. Lower-rated NBFC debt can offer double-digit yields, while AAA-rated secured NCDs generally offer lower yields. The difference is a reminder that a higher yield usually comes with higher credit or other investment risks and that the highest yield is not automatically the best choice.\u00a0<\/p>\n\n\n\n<p>Here&#8217;s the catch for NRIs: RBI\/FEMA rules do permit NRI investment in NCDs on both a repatriable and non-repatriable basis, but in practice, many public NCD issues simply don&#8217;t accept NRI applications at all, and issuers that do typically reject applicants based in, settled in, or subject to US taxation laws. So, if you see an attractive NCD with a high coupon, check the issue\u2019s eligibility section first.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FCNR_Deposits_vs_Corporate_NCDs_Side_by_Side\"><\/span><strong>FCNR Deposits vs. Corporate NCDs: Side by Side<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Feature<\/strong><\/td><td><strong>FCNR Deposit<\/strong><\/td><td><strong>Corporate NCD<\/strong><\/td><\/tr><tr><td><strong>Currency<\/strong><\/td><td>Foreign currency (USD, GBP, EUR, etc.)<\/td><td>Indian Rupees<\/td><\/tr><tr><td><strong>Current indicative yield<\/strong><\/td><td>2.9%\u20134% at major banks post-reset (varies by bank and tenor\u2014check current rate cards)<\/td><td>8%\u201313%, rating-dependent<\/td><\/tr><tr><td><strong>Credit\/safety profile<\/strong><\/td><td>Bank credit risk, generally low for large banks<\/td><td>Issuer-specific: secured vs. unsecured matters<\/td><\/tr><tr><td><strong>Currency risk<\/strong><\/td><td>None\u2014no INR conversion<\/td><td>Full rupee depreciation risk for repatriation<\/td><\/tr><tr><td><strong>Tax on interest (India)<\/strong><\/td><td>Nil, exempt under Sec 10(15)(iv)<\/td><td>TDS is typically 20% for NRI holders.<\/td><\/tr><tr><td><strong>NRI eligibility<\/strong><\/td><td>Fully open to NRIs by design<\/td><td>Frequently restricted; check the RHP eligibility clause before applying<\/td><\/tr><tr><td><strong>Liquidity<\/strong><\/td><td>Locked in for 1 year minimum; premature withdrawal at bank&#8217;s discretion<\/td><td>Listed NCDs can be sold on exchange but may be illiquid.<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Latest Bond Updates:<\/h3>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/fcnr-deposits-vs-corporate-ncds\/\" aria-label=\"FCNR Deposits vs. Corporate NCDs: Where Should NRIs Invest Surplus Cash in 2026?\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09163649\/FCNR-Deposits-vs-Corporate-NCDs-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"FCNR Deposits vs Corporate NCDs\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09163649\/FCNR-Deposits-vs-Corporate-NCDs-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09163649\/FCNR-Deposits-vs-Corporate-NCDs-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09163649\/FCNR-Deposits-vs-Corporate-NCDs-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09163649\/FCNR-Deposits-vs-Corporate-NCDs-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09163649\/FCNR-Deposits-vs-Corporate-NCDs.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/fcnr-deposits-vs-corporate-ncds\/\">FCNR Deposits vs. Corporate NCDs: Where Should NRIs Invest Surplus Cash in 2026?<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/dollar-bonds-vs-rupee-bonds-does-currency-depreciation-outweigh-lower-yields\/\" aria-label=\"Dollar Bonds vs. Rupee Bonds: Does Currency Depreciation Outweigh Lower Yields?\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09152833\/Dollar-Bonds-vs-Rupee-Bonds-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Dollar Bonds vs Rupee Bonds\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09152833\/Dollar-Bonds-vs-Rupee-Bonds-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09152833\/Dollar-Bonds-vs-Rupee-Bonds-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09152833\/Dollar-Bonds-vs-Rupee-Bonds-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09152833\/Dollar-Bonds-vs-Rupee-Bonds-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09152833\/Dollar-Bonds-vs-Rupee-Bonds.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/dollar-bonds-vs-rupee-bonds-does-currency-depreciation-outweigh-lower-yields\/\">Dollar Bonds vs. Rupee Bonds: Does Currency Depreciation Outweigh Lower Yields?<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/fixed-deposit\/sbi-amrit-vrishti-fd-2026-is-the-444-day-fd-still-worth-it-after-the-rate-cut\/\" aria-label=\"SBI Amrit Vrishti FD 2026: Is the 444-Day FD Still Worth It After the Rate Cut?\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/11144843\/SBI-Amrit-Vrishti-FD-2026-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"SBI Amrit Vrishti FD 2026\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/11144843\/SBI-Amrit-Vrishti-FD-2026-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/11144843\/SBI-Amrit-Vrishti-FD-2026-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/11144843\/SBI-Amrit-Vrishti-FD-2026-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/11144843\/SBI-Amrit-Vrishti-FD-2026-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/11144843\/SBI-Amrit-Vrishti-FD-2026.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/fixed-deposit\/sbi-amrit-vrishti-fd-2026-is-the-444-day-fd-still-worth-it-after-the-rate-cut\/\">SBI Amrit Vrishti FD 2026: Is the 444-Day FD Still Worth It After the Rate Cut?<\/a><\/li>\n<\/ul>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tax_and_Repatriation_The_Part_That_Decides_Your_Real_Return\"><\/span><strong>Tax and Repatriation: The Part That Decides Your Real Return<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A few things NRIs often miss:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>In India, interest earned from an FCNR account is tax-exempt. However, if you are a US taxpayer, that interest will be taxed in the US, and the Indian tax exemption will not apply.\u00a0<\/li>\n\n\n\n<li>Interest on NCDs attracts TDS, which is usually 20% and is deducted before any payment is made to you.<\/li>\n\n\n\n<li>Under India&#8217;s DTAA network, NRIs can often claim credit in their home country for tax already paid in India, but this requires paperwork (TRC, Form 10F) and adds compliance overhead an FCNR deposit simply doesn&#8217;t have.<\/li>\n\n\n\n<li>Capital appreciation or loss on listed NCDs sold before maturity is taxed separately as capital gains, adding another layer. NRIs should factor in before comparing headline yields.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"So_Where_Should_You_Actually_Park_Surplus_Cash\"><\/span><strong>So, Where Should You Actually Park Surplus Cash?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It&#8217;s specific to your situation. Consider your currency exposure, your risk appetite, and your repatriation timeline. If you want zero currency risk, full tax exemption in India, and simplicity, FCNR still wins on peace of mind, even at today&#8217;s lower rates. If you can pass the eligibility check for investment, are okay with issuer credit risk, and are looking for higher rupee-denominated yields, a well-rated secured NCD can outperform an FCNR, but the coupon isn&#8217;t the whole story once TDS and rupee risk are in the picture.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1788948213343\"><strong class=\"schema-faq-question\">Q1. <strong>What is the biggest difference between FCNR deposits and NCDs?<\/strong><\/strong> <p class=\"schema-faq-answer\">Risk and return are fundamentally different. An FCNR(B) deposit is a bank deposit, while an NCD exposes the investor to the credit and liquidity risks of the issuer. An NCD may offer a higher potential return, but that comes with additional risk.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1788948224290\"><strong class=\"schema-faq-question\">Q2. <strong>Are FCNR deposits available in foreign currencies?<\/strong><\/strong> <p class=\"schema-faq-answer\">Yes. FCNR(B) deposits can be maintained in specified foreign currencies permitted under RBI rules. The exact currencies and applicable conditions should be checked with the bank at the time of opening the deposit.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1788948234253\"><strong class=\"schema-faq-question\">Q3. <strong>Is an FCNR deposit safer than a corporate NCD?<\/strong><\/strong> <p class=\"schema-faq-answer\">Generally, an FCNR deposit with a bank offers a different and typically lower credit-risk profile than an unsecured corporate NCD, but it is not risk-free. Deposit insurance and the specific protections applicable to the bank deposit should also be considered.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1788948246099\"><strong class=\"schema-faq-question\">Q4. <strong>Does an FCNR deposit protect an NRI from rupee depreciation?<\/strong><\/strong> <p class=\"schema-faq-answer\">Yes, if the deposit is maintained in a foreign currency such as USD. Because the deposit is denominated in that currency, an NRI does not need to convert the original deposit into rupees merely to hold the investment.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1788948257013\"><strong class=\"schema-faq-question\">Q5. <strong>Can an NRI withdraw an FCNR deposit before maturity?<\/strong><\/strong> <p class=\"schema-faq-answer\">Premature withdrawal may be permitted subject to the bank&#8217;s terms and applicable RBI rules. The interest payable can be affected by premature withdrawal, so investors should check the specific deposit terms before breaking the deposit.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1788948269220\"><strong class=\"schema-faq-question\">Q6. <strong>Can an NRI sell an NCD before maturity?<\/strong><\/strong> <p class=\"schema-faq-answer\">If the NCD is listed and there is sufficient secondary-market liquidity, it may be possible to sell it before maturity. However, the sale price can be above or below the amount originally invested.<\/p> <\/div> <\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sources\"><\/span><strong>Sources<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li><a rel=\"nofollow\" href=\"https:\/\/www.rbi.org.in\/scripts\/BS_PressReleaseDisplay.aspx?prid=63378\">RBI \u2014 August 14, 2026 announcement<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/economictimes.indiatimes.com\/wealth\/invest\/fcnr-b-interest-rates-september-2026-hdfc-bank-icici-bank-sbi-pnb-axis-bank-rates-revised\/articleshow\/133701804.cms\">Economic Times \u2014 Banks slash FCNR(B) interest rates<\/a><\/li>\n<\/ol>\n\n\n<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">Ready to Invest?<\/div>\n<div class=\"gpi-custom-widget-content\">\n<p>Visit <a href=\"https:\/\/goldenpi.com\/\">GoldenPi<\/a> to explore current bond options. Compare yields, ratings, and tenures in one place and invest online with as little as \u20b930,000.<\/p>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Disclaimer\"><\/span>Disclaimer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Fixed returns do not constitute guaranteed or assured returns. Investments in corporate debt securities and municipal debt securities\/securitized debt instruments are subject to credit risks, market risks, and default risks, including delay and\/or default in payment. Read all the offer-related documents carefully. This blog\/article should not be construed as financial advice or as an offer or recommendation to buy or sell any security or any products\/services of\/on GoldenPi or any product\/services of its third-party client(s). For a detailed calculation of YTM, visit our website.&nbsp;<a href=\"https:\/\/delivery.goldenpi.com\/XPRBSN?id=162365=ch0GCFVXBVBUH1QDUlZXUlgBVgNSUwJVWgQGDFJQAVsEUwRfBldSBFVUAglRBFJSAA0ZBgxfQFBbERxBFSNTV10FU1cTDBgFDg5OAFIKVVFQBlZTVwQBBgFSAg0aC0BMQRIMFkwBUwoIFVdDHBwCCw1QAAsTWBpSVwgebDYxdmt\/Xl9dHxMF&amp;fl=WRVCSRBfGUkETltfVwNLAxVbCQwNWhpYVkpFGwMOBRcEWQMNUEoHSQJaV1BQAQQHTAZXA1IcAAMOBBxWB1IMFQUEVQxXXAEFBVQEUkpTVlMCUFEHU1JVAwhUAFECAQZaVFEADVAAVQBXVFRUUw==\" target=\"_blank\" rel=\"noreferrer noopener\">T&amp;C\u2019s Apply<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ud83d\udcdd Quick Summary: With the RBI&#8217;s special FCNR(B) swap window now closed and dollar deposit rates back to earth, NRIs weighing surplus&hellip;<\/p>\n","protected":false},"author":17,"featured_media":16127,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1026,25],"tags":[],"class_list":["post-16124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-guide","category-bond-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FCNR Deposits vs Corporate NCDs: Where Should NRIs Invest Surplus Cash in 2026?<\/title>\n<meta name=\"description\" content=\"FCNR Deposits vs Corporate NCDs for NRIs: compare interest rates, currency risk, taxation, liquidity, credit risk and returns to choose the right option in 2026.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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