NRE vs NRO vs FCNR Account 2026: Which Should NRIs Open? Complete Comparison

When I first moved to the US, my dad kept saying "open NRE account." Every phone call. Every WhatsApp voice note. "Beta, NRE account khola?" I'd nod and say "haan haan, I'm looking into it" — and then go back to having absolutely no idea what he was talking about.

NRE? NRO? FCNR? These sound like government departments or maybe ISRO's lesser-known cousins. Nobody explains what they actually mean. Bank websites list features in bullet points that assume you already know what repatriation means. Your CA uses the terms interchangeably until you're too embarrassed to admit you're lost.

I spent six months with the wrong account setup and overpaid taxes I didn't need to pay. That won't happen to you.

This guide explains all three accounts — NRE, NRO, and FCNR — in plain language. What they're for, how they're taxed, what interest rates look like in February 2026, and most importantly, which ones you actually need.

Why This Confuses Everyone (It's Not Just You)

Here's the thing: Indian banking for NRIs was built in layers over decades. Each account type was created to solve a specific regulatory problem — not to make your life simple. The names are acronyms for bureaucratic terms. The rules involve FEMA (Foreign Exchange Management Act), RBI circulars, and DTAA treaties that most bank employees themselves don't fully understand.

The banking jargon here is intentionally confusing, I swear.

But once you understand the logic behind each account — WHY it exists — everything clicks.

The core question Indian banking asks when you're an NRI is: where did this money come from?

Money you earned abroad (your US salary, your UK business income) → NRE or FCNR
Money earned inside India (rent from your Mumbai flat, dividends from your Indian stocks) → NRO

That's it. That's the entire framework. Everything else — the tax rules, the repatriation limits, the joint account rules — flows from this one distinction.

What Is an NRE Account?

NRE stands for Non-Resident External account. The name sounds fancy but the purpose is simple: it's a rupee account in India that holds your foreign earnings, converted to rupees.

You earn dollars (or pounds or euros) abroad. You send those dollars to your NRE account. The bank converts them to rupees. You can then invest those rupees in Indian FDs, pay for your parents' expenses, or buy property.

The Big Deal About NRE Accounts

The interest is completely tax-free in India. This is the single biggest advantage of an NRE account, and most people don't fully appreciate how significant this is.

When your NRE savings account earns interest, that interest is exempt from Indian income tax. When your NRE fixed deposit matures and you collect interest, that interest is exempt from Indian income tax. No TDS. No deductions. Zero.

For comparison, a regular Indian savings account interest is taxable. An NRO account interest is taxed at 30% TDS. So if you're an NRI choosing where to park rupees for Indian investments, the NRE account gives you a structural tax advantage that compounds significantly over time.

The money is fully repatriable. This means you can move your NRE account money back to your country of residence anytime, without limits, without restrictions, without forms and approvals. Principal plus interest, the whole thing. Wire it back to your US bank account whenever you want.

This matters a lot. Many NRIs think they can't move money freely out of India once it's in. With an NRE account, you absolutely can — because the money originated outside India.

What You Can Put In (and What You Can't)

NRE accounts can only receive:

Money remitted from abroad (wire transfers from your foreign bank account)
Proceeds from foreign currency instruments
Transfers from another NRE account or FCNR account

What you cannot put into an NRE account: income earned inside India. Your rental income from your Bangalore apartment? That cannot go into NRE. Dividends from your Indian mutual fund investments? Not NRE. Salary from an Indian company before you left? Not NRE.

This is the rule that trips people up most often.

NRE Account Joint Holding Rules

NRE accounts can only be held jointly with another NRI or PIO (Person of Indian Origin). You cannot add your parents (if they're Indian residents) as joint holders on an NRE account.

If you want to give your resident parents access to your account — for emergencies, bill payments, convenience — you have two options: either open an NRO account (which allows resident Indian joint holders) or give them power of attorney over your NRE account.

NRE Savings Account Interest Rates (February 2026)

NRE savings accounts typically earn the same rate as regular savings accounts. Most major banks pay around 2.50% to 3.50% per annum on savings balances.

For NRE fixed deposits, the rates are more attractive — and since the interest is tax-free, the effective yield is considerably better than a comparable taxable FD.

Current NRE FD rates (February 2026):

SBI: 6.50% to 7.00% per annum (below ₹2 crore)
HDFC Bank: 6.60% to 7.20% per annum (1 to 10 year tenures)
ICICI Bank: approximately 6.70% to 7.10% per annum

These rates change monthly at most banks. Always verify on the bank's official site before locking in.

The key point: a 7.00% tax-free NRE FD beats a 7.50% taxable FD if you're in the 30% bracket. After tax, that 7.50% becomes effectively 5.25%. The NRE FD wins by a wide margin.

What Is an NRO Account?

NRO stands for Non-Resident Ordinary account. This is the account for your Indian-sourced income.

The "ordinary" in the name is telling. This is your ordinary Indian rupee account — just one that's been converted from a regular resident account to an NRI-compliant format.

When you become an NRI, your existing Indian savings account should technically be converted to an NRO account. Most banks flag this when you update your residency status. If you never did this update, your old account is technically operating in violation of FEMA rules. Worth fixing.

Why Does the NRO Account Exist?

Because you might still earn money in India even after leaving. A lot of NRIs do:

Rental income from property you still own
Dividends from Indian stocks and mutual funds
Interest from existing Indian FDs
Pension from a previous Indian employer
Proceeds from selling property or investments
Freelance income from Indian clients

This money originated in India, so it lives in an NRO account. The RBI and the Income Tax department both want visibility into this income — hence the stricter rules.

NRO Account Tax: The 30% TDS Reality

Look, this is the painful part of NRO accounts.

Interest earned on NRO accounts is subject to 30% TDS (Tax Deducted at Source), plus applicable surcharge and cess. For most NRIs, the effective rate works out to around 31.2% to 34.32% depending on income level.

This is higher than what most Indian residents pay on FD interest (20% or 30% depending on their slab). It feels unfair. It kind of is unfair. But it's the rule.

However, DTAA can help. If you're a tax resident of a country that has a Double Taxation Avoidance Agreement with India — and most major countries do, including the US, UK, UAE, Canada, Australia, Singapore — you may be able to reduce the TDS rate.

Under most DTAAs, the TDS on NRO interest can be reduced to 10% to 15% instead of 30%. To claim this benefit, you need to submit:

Tax Residency Certificate (TRC) from your country of residence
Form 10F (a self-declaration form)
Declaration that you have no permanent establishment in India

Submit these to your bank before the quarter ends. The bank will then deduct TDS at the lower DTAA rate rather than the default 30%. For someone earning ₹5 lakh in NRO interest, this difference is not trivial.

NRO Repatriation Rules: The $1 Million Limit

You can repatriate (send abroad) money from your NRO account, but there are restrictions:

Limit: $1 million per financial year (April to March)
Taxes must be cleared first: You need Form 15CA (self-declaration) and Form 15CB (CA certification) for most remittances
The $1 million limit includes: net of taxes, for current income only. Property sale proceeds have their own rules.

This limit sounds large, but if you're selling property in India and trying to move ₹5 crore to the US, you'll hit constraints quickly. Plan accordingly and consult a CA who specializes in NRI taxation.

NRO Account Interest Rates (February 2026)

NRO savings account rates generally mirror regular savings rates:

Most banks: 2.50% to 3.00% per annum

NRO fixed deposit rates (before TDS):

SBI: 6.50% to 7.00%
HDFC Bank: 6.60% to 7.10%
ICICI Bank: 6.70% to 7.10%

Remember: these rates are before TDS. If you're paying 30% TDS, a 7.00% NRO FD actually gives you about 4.90% in hand. Even with DTAA bringing TDS down to 15%, you're looking at around 5.95%. The NRE FD at 7.00% tax-free is nearly always better — as long as your money is eligible to go into NRE.

NRO Joint Holding: The Flexibility Advantage

Unlike NRE accounts, NRO accounts can be held jointly with a resident Indian. This means you can add your parents, spouse (if resident), or other family members as joint holders.

This is genuinely useful. Your parents can operate the account to collect rent, pay property taxes, manage utility bills, or access emergency funds on your behalf without needing power of attorney.

What Is an FCNR Account?

FCNR stands for Foreign Currency Non-Resident account. And unlike NRE and NRO, which are rupee accounts, FCNR accounts are denominated in foreign currency.

You deposit dollars. The account holds dollars. When the FD matures, you get dollars back.

No rupee conversion. No forex risk. This is the defining feature.

Why FCNR Exists

When NRIs deposit money in NRE FDs, there's an implicit risk: if the rupee depreciates while your money is locked in, you lose on the currency conversion when you repatriate. A 7% rupee return with a 4% rupee depreciation gives you a real dollar return of roughly 3%.

FCNR solves this. The money stays in your chosen foreign currency throughout. USD in, USD out.

FCNR accounts are available in:

USD (US Dollar)
GBP (British Pound)
EUR (Euro)
JPY (Japanese Yen)
AUD (Australian Dollar)
CAD (Canadian Dollar)

Most NRIs use USD, since US-India is the largest NRI corridor, but GBP and AUD are popular too.

FCNR Is Only a Fixed Deposit

FCNR doesn't offer savings accounts. It's exclusively a term deposit product. You lock in for a fixed period, and when it matures, you get your principal plus interest in the same foreign currency.

Minimum tenure: 1 year Maximum tenure: 5 years

You cannot break an FCNR deposit before 1 year. If you do, you get no interest. So don't lock money in FCNR that you might need urgently.

FCNR Tax Treatment

Same as NRE accounts: tax-free in India. Interest earned on FCNR deposits is fully exempt from Indian income tax under Section 10(15)(iv)(fa) of the Income Tax Act. This exemption continues even for RNOR (Resident and Not Ordinarily Resident) status holders.

No TDS. Fully repatriable (since it was foreign currency to begin with).

FCNR Interest Rates (February 2026)

FCNR rates are generally lower than NRE rupee FD rates — but that's comparing apples to oranges, since FCNR eliminates forex risk entirely.

Current FCNR USD rates (approximate, February 2026):

YES Bank: up to 5.15% per annum (2-year to 3-year tenure)
Axis Bank: up to 4.25% per annum
HDFC Bank: 0.25% to 4.10% per annum depending on tenure

For GBP and EUR, rates tend to be slightly lower than USD rates since US interest rates have been elevated.

The honest comparison: if you can earn 4.5% to 5.0% on a USD FCNR with zero forex risk and zero Indian tax, compare that to a US Treasury or US CD rate. In early 2026, US high-yield savings accounts are paying around 4.5% to 5.0%. FCNR is competitive if you also want to keep money connected to India for future use, or if the specific bank's FCNR rate beats your available US alternatives.

NRE vs NRO vs FCNR: Head-to-Head Comparison

Feature	NRE Account	NRO Account	FCNR Account
Full Form	Non-Resident External	Non-Resident Ordinary	Foreign Currency Non-Resident
Account Type	Savings + FD	Savings + FD	FD only
Currency	Indian Rupee	Indian Rupee	Foreign currency (USD/GBP/EUR etc.)
Money Source	Foreign earnings only	Indian-source income	Foreign earnings only
Tax on Interest	Nil (tax-free)	30% TDS (DTAA can reduce)	Nil (tax-free)
Repatriation	Fully free, no limit	Up to $1 million/year	Fully free, no limit
Forex Risk	Yes (rupee exposure)	Yes (rupee exposure)	No (foreign currency)
Joint with Resident	Not allowed	Allowed	Not allowed
Tenure (FD)	7 days to 10 years	7 days to 10 years	1 year to 5 years
Premature closure	Allowed (with penalty)	Allowed (with penalty)	Not before 1 year
Best For	Sending foreign income to India	Managing India-source income	Parking foreign currency, no forex risk

Which Account Should You Open? A Decision Framework

Most NRIs need more than one account. Here's how to think through it:

If You're Sending Money from Abroad to India

NRE account is your primary vehicle. Tax-free interest, fully repatriable, no hassle. Most NRIs maintaining an Indian investment portfolio do it primarily through NRE accounts and NRE FDs.

If You Have Income Earned in India

NRO account is non-negotiable. You cannot route Indian-source income through an NRE account — it's illegal under FEMA. If you have rental income, dividends, salary arrears, or any India-earned income, it must go into NRO. Then use DTAA benefits to minimize TDS.

If You're Worried About Rupee Depreciation

FCNR account is the answer. The rupee has historically depreciated against the dollar — around 3% to 5% per year on average over the long term. If you're locking money for 3 to 5 years and you want to receive dollars at the end, FCNR protects you. NRE FD does not.

The Typical NRI Setup (What Actually Makes Sense)

Most financially organized NRIs run this combination:

NRE savings account — for day-to-day India expenses (parents' transfers, occasional purchases)
NRE FD — for short to medium-term rupee investments where you want tax-free returns
NRO account — for collecting all India-source income (rent, dividends, etc.)
FCNR FD — for larger amounts where you want currency protection over 2 to 5 years

You don't need all four from day one. Start with NRE for foreign income. Add NRO when you have Indian-source income to manage. Consider FCNR if you're deploying larger amounts and want to avoid forex risk.

Planning to buy property back home? Our NRI home loan guide covers eligibility, current rates, and documentation for 2026.

How to Open Each Account

General Documents You'll Need

Regardless of which account you're opening, you'll typically need:

Passport (valid, with NRI residence visa stamps)
PAN Card (mandatory for all banking in India — apply for one if you don't have it)
Overseas address proof (utility bill, bank statement, or driving license from your country of residence)
Indian address proof (if available)
Visa/Residence permit (showing your NRI status)
OCI/PIO card (if applicable — makes the process easier)
Passport-size photographs

Some banks also ask for employment-related documents or a foreign bank statement to establish the source of funds.

Process: NRE Account Opening

Visit the NRI section of your chosen bank's website (SBI, HDFC, ICICI, Axis — all have online NRI portals)
Fill out the NRE account opening form online
Upload scanned copies of required documents
Schedule a Video KYC call (most banks now offer fully paperless Video KYC)
During Video KYC (typically 10 to 15 minutes), you show original documents on camera
Account is activated within 3 to 7 working days

Some banks — SBI in particular — still require physical document submission by mail to their Global NRI Centre. Private banks like HDFC and ICICI have largely moved to fully online + Video KYC processes.

Process: NRO Account Opening

Same process as NRE. Most banks let you open both simultaneously through the same application — check this option, it saves time.

If you already have an existing Indian savings account from before you became an NRI, you should convert it to an NRO account. Contact your bank's NRI services team and submit your updated residency proof. The account number usually stays the same.

Process: FCNR Account Opening

FCNR is typically opened after your NRE account is set up. You transfer funds from your NRE account (or directly from your foreign bank account) to open the FCNR FD.

The process:

Log into your NRI net banking portal
Go to fixed deposit section, select FCNR
Choose currency, amount, and tenure
Confirm the deposit

That's it. FCNR FDs can generally be opened fully online once your NRE account is active.

Minimum amounts vary by bank. HDFC Bank typically requires a minimum of $5,000 for FCNR. ICICI and SBI have similar thresholds. Check current minimums before planning.

TDS Rules and DTAA: The Part Nobody Explains Clearly

Most people get this wrong. Nobody explains this clearly. So let me walk through it carefully.

TDS on NRE Accounts

Zero. None. No TDS. The bank doesn't deduct anything from NRE interest because it's fully tax-exempt. You don't even need to declare it in your Indian tax return (though NRIs generally don't file Indian ITR unless they have other taxable Indian income).

TDS on FCNR Accounts

Also zero. Same exemption as NRE. Tax-free at source.

TDS on NRO Accounts

Here's where it gets complicated.

Default rate: 30% TDS on interest income, plus surcharge and cess. Effective rate for most NRIs: around 31.2%.

With DTAA: Reduced to typically 10% to 15%, depending on your country.

Key DTAAs and their NRO interest rates:

US-India DTAA: 15% TDS on interest income
UK-India DTAA: 15%
UAE-India DTAA: 12.5% (and UAE has no personal income tax, so no credit back home)
Canada-India DTAA: 15%
Australia-India DTAA: 15%
Singapore-India DTAA: 15%

To claim DTAA rates, submit to your bank:

Tax Residency Certificate (TRC): Issued by the tax authority of your country. In the US, this is IRS Form 6166. Takes 6 to 8 weeks to obtain, so plan ahead.
Form 10F: A self-declaration form you fill and sign.
No PE declaration: A statement that you have no permanent establishment (business presence) in India.

Submit these annually at the start of each financial year (April). Banks process them and apply the reduced DTAA rate going forward.

Filing ITR as an NRI

If your only Indian income is NRE/FCNR interest: you probably don't need to file Indian ITR. This income is exempt.

If you have NRO interest (even with TDS deducted): you may want to file NRI ITR to claim refunds if excess TDS was deducted, or if your total Indian income exceeds ₹2.5 lakh (basic exemption limit).

Property sale proceeds, mutual fund gains, and other Indian-source income have their own tax implications — consult a CA for anything beyond basic interest income. For a broader look at where NRIs should invest in India, see our complete NRI investment guide.

Common Mistakes NRIs Make With These Accounts

Over the years, talking to other NRIs and managing my own finances, I've seen the same mistakes repeat. Don't make these.

Mistake 1: Depositing Indian Income Into NRE Account

This is a FEMA violation. Rental income, dividends, salary from Indian companies — none of this can go into your NRE account. It must go into NRO. Banks may not always catch this, but you're still legally liable.

Mistake 2: Not Converting Old Savings Account to NRO

When you became an NRI, your existing HDFC/SBI/ICICI savings account should have been converted to an NRO account. Many people forget to do this. Operating a regular resident savings account as an NRI violates FEMA. Call your bank, submit your updated residency status, get it converted.

Mistake 3: Not Using DTAA on NRO Accounts

The default 30% TDS on NRO interest is painful — but avoidable for residents of DTAA countries. Yet most NRIs never submit TRC and Form 10F. They just let the bank deduct 30% because nobody told them they could reduce it. Submit the paperwork. Save significant money.

Mistake 4: Forgetting the $1 Million Limit Has Conditions

The $1 million repatriation from NRO sounds generous. But it's $1 million per financial year net of taxes, and it requires Form 15CA and 15CB for most transfers. If you're planning to repatriate property sale proceeds, there are additional documentation requirements. Start the process early; don't assume a wire transfer is all it takes.

Mistake 5: Locking Too Much Into FCNR Without Considering Liquidity

FCNR deposits cannot be broken before 1 year with no interest penalty. If something comes up and you need liquidity before the 1-year mark — medical emergency, property down payment — you get nothing on the FCNR. Keep adequate liquid funds in NRE savings before committing to FCNR.

Mistake 6: Ignoring NRE FDs Because Rupee Returns "Seem Lower"

A 7% tax-free rupee return sounds lower than a 7.5% US CD. But:

The 7.5% US CD is taxable in the US (say 22% bracket = effective 5.85%)
The 7% NRE FD is tax-free in India and also exempt in most countries under DTAA
Plus, you have the option to use these funds for India-based investments or expenses

It's often better than it looks on the surface.

Mistake 7: Not Getting PAN Card Before Moving

You need PAN to open NRI accounts, claim DTAA benefits, file ITR, and for almost every financial transaction in India. Apply before you leave India, or apply through the embassy afterward. Don't wait until you're trying to open an account and the bank asks for PAN.

Mistake 8: Having No Nominee Registered

Your Indian bank accounts need nominees. If something happens to you, your family in India needs to be able to access these accounts. Nominee registration takes five minutes online. Do it.

Interest Rate Tracker: NRE, NRO, FCNR (February 2026)

Here's a consolidated view of approximate current rates. These change frequently — always verify directly with your bank.

NRE Fixed Deposit Rates (February 2026)

Bank	1 Year	2 Years	3 Years	5 Years
SBI	6.80%	6.80%	6.90%	6.50%
HDFC Bank	6.60%	7.00%	7.00%	7.00%
ICICI Bank	6.70%	7.00%	7.00%	7.10%
Axis Bank	6.70%	7.05%	7.10%	7.00%

All NRE FD interest is tax-free in India. Compare these to domestic FD rates (same or slightly lower) — the tax-free status makes NRE FDs superior for NRIs.

NRO Fixed Deposit Rates (February 2026)

Similar to NRE FD rates at the same banks, but interest is subject to TDS at 30% (or lower with DTAA).

Bank	1 Year	Effective Rate at 30% TDS	Effective Rate at 15% DTAA
SBI	6.80%	~4.76%	~5.78%
HDFC Bank	6.60%	~4.62%	~5.61%
ICICI Bank	6.70%	~4.69%	~5.70%

The NRO numbers make it clear: always try to route foreign earnings through NRE, not NRO, when possible.

FCNR Fixed Deposit Rates (February 2026)

Bank	USD 1 Year	USD 2-3 Years	GBP 1 Year
YES Bank	~4.75%	~5.15%	~4.50%
Axis Bank	~3.80%	~4.25%	~3.50%
HDFC Bank	~3.50%	~4.10%	~3.00%
ICICI Bank	~3.75%	~4.00%	~3.25%

FCNR rates vary considerably across banks. Shop around — the difference between the highest and lowest bank can be over 1 percentage point.

Frequently Asked Questions

Can I have both NRE and NRO accounts at the same time?

Yes. Most NRIs should have both. They serve different purposes. You can have them at the same bank or different banks — though keeping them at the same bank makes transfers between them easier.

Can I transfer money from NRO to NRE?

Yes, but with restrictions. You can transfer up to $1 million per financial year from NRO to NRE (subject to tax compliance — taxes on NRO income must be cleared first). This transfer is useful if you want to make NRO funds repatriable and tax-free going forward.

What happens to my NRE/NRO accounts when I return to India permanently?

When you return to India and become a resident, your NRE and NRO accounts must be converted to resident accounts (regular savings accounts). FCNR deposits can be held until maturity. Returned NRIs may also be eligible for RFC (Resident Foreign Currency) accounts for a period — your bank will guide you through the process.

Is NRE interest taxable in my country of residence (US, UK, etc.)?

Probably, yes. NRE interest is tax-free in India. But your country of residence may still tax it. In the US, global income including NRE interest is generally taxable for US residents and citizens. Check with a tax advisor in your country. The DTAA may provide some credits to avoid double taxation.

Can my Indian parents operate my NRE account?

Not as joint account holders (NRE only allows NRI/PIO joint holders). But you can give them Power of Attorney (PoA) to operate the account on your behalf. This requires a notarized PoA document and registration with your bank.

What if I become a resident again temporarily (frequent travel to India)?

RBI's definition of NRI status is based on the Income Tax Act: if you spend 182 days or more in India in a financial year (or 60 days or more with additional conditions applying), you may be considered a resident for that year. Brief visits don't change your NRI status. But if you're planning a longer stay in India, consult a CA before that financial year ends.

Can I use my NRE FD as collateral for a loan in India?

Yes. NRE fixed deposits can be pledged as collateral for rupee loans from the same bank. This is useful if you need short-term liquidity without breaking the FD. Loan interest rates are typically 1% to 2% over the FD rate.

What is the minimum balance for NRE savings accounts?

It varies by bank. Most private banks (HDFC, ICICI, Axis) require ₹10,000 to ₹25,000 as average quarterly balance for NRE savings accounts. SBI has relatively lower minimums. Check with your specific bank.

Is FCNR better than keeping money in a US high-yield savings account?

It depends on rates. In February 2026, US high-yield savings accounts are paying around 4.5% to 5.0%. Some FCNR options (YES Bank at 5.15% for 2-3 year USD deposits) are competitive and come with Indian tax exemption. The FCNR also locks you in for 1 to 5 years, unlike a liquid US savings account. Evaluate based on your liquidity needs.

What if my bank in India keeps deducting 30% TDS even after I submit DTAA documents?

Follow up in writing with the bank's NRI services team. Get a reference number. If TDS is still wrongly deducted, you can claim a refund when filing Indian ITR. Keep copies of all submitted documents as proof.

The Short Version (For Those Who Scrolled to the End)

If you read nothing else, take this:

NRE account: For your foreign earnings in India. Tax-free interest. Fully repatriable. No resident Indian joint holders. This is your primary India investment account.

NRO account: For income earned inside India — rent, dividends, old salary. Interest taxed at 30% TDS (use DTAA to reduce). Repatriation capped at $1 million per year. Joint with resident Indians allowed.

FCNR account: Fixed deposit in foreign currency. No rupee risk. Tax-free. Lock in for 1 to 5 years. For when you want India connection but don't want to convert to rupees.

Most NRIs need both NRE and NRO. Add FCNR when you're deploying larger amounts and forex protection matters.

Open your accounts, submit your DTAA paperwork, and stop overpaying taxes you don't owe.

For a thorough guide to all aspects of NRI banking, investing, and financial planning in India, a dedicated book on NRI investing in India can help you navigate the NRE/NRO/FCNR landscape and make the most of your India-linked finances.

Interest rates mentioned in this post are approximate as of February 2026 and are subject to change. Always verify current rates directly with your bank before making investment decisions. This post is for informational purposes only and does not constitute financial or tax advice. Consult a qualified CA or financial advisor for your specific situation.