How to Send USD to India for an FCNR Deposit
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You’ve decided to open an FCNR deposit. Your NRE or FCNR deposit account is set up. Now you need to actually get the money there.
This is the step most guides skip over — but it’s where things can quietly go wrong. The wrong transfer method, a missed routing detail, or a poor exchange rate can cost you more than you’d expect on a large lump sum.
Here’s exactly how to transfer USD to your Indian NRE account for an FCNR deposit, and what to watch for at each step.
What You Need Before You Transfer
- Your Indian bank’s account number (as provided in your bank’s funding instructions)
- IFSC code of your bank branch
- SWIFT/BIC code of your Indian bank (required for international wires)
- Bank name and branch address
- Your account holder name exactly as it appears on the Indian account
Funding requirements vary by bank — some require an NRE account, others may have a different process. Confirm the correct account and instructions with your bank or Relationship Manager before sending.
Your Transfer Options
| Method | Typical rate | Speed | Best for |
|---|---|---|---|
| Instarem | Competitive mid-market rate | 1–2 business days | NRIs sending USD 1,000–50,000+ |
| Bank wire (your local bank) | Usually 1.5–3% margin | 2–5 business days | If you have an existing international wire setup |
| Wise | Near mid-market | 1–3 business days | Smaller amounts; check NRE routing support |
| Western Union / cash | High fees | Same day possible | Not recommended for large lump sums |
Rates vary. Always compare before sending large amounts.
For NRIs sending USD 5,000–10,000+ for an FCNR deposit, the exchange rate margin matters more than the transfer fee. A 1% worse rate on USD 10,000 is USD 100 lost. Compare the all-in cost — rate plus fees — not just the headline fee.
How to Send USD to India with Instarem
- Log in to your Instarem account (or create one — it takes a few minutes with your passport and overseas address proof).
- Select USD as your send currency.
- Enter the amount. Check today’s USD to INR rate so you know what to expect before committing.
- Add the beneficiary account using the details your bank gave you — account number, IFSC code, and SWIFT code.
- Select the transfer purpose. For FCNR funding, choose ‘Savings / Investment’ or the closest available purpose code.
- In the comments/description field of the remittance instruction, please mention “FCNR Deposit”.
- Review the transfer details and confirm. You’ll receive a confirmation with an estimated arrival time.
- Fund the transfer from your local SGD or USD account.
What to Do After the Transfer Lands
Once the funds arrive, instruct your bank to place them in an FCNR deposit — this usually isn’t automatic. Some banks handle this through internet banking; others require you to contact your Relationship Manager directly.
- Log into your bank’s NRI internet banking portal and navigate to fixed deposits → FCNR.
- If your bank requires a manual step, call their NRI helpline or raise a service request.
- Confirm tenor (1–5 years), currency (USD), and maturity instructions.
- Get written confirmation of the deposit — a deposit advice or certificate from the bank.
Timing Your Transfer Around Payday
Most NRIs planning FCNR deposits are waiting for their monthly salary to accumulate before sending. Nomura estimates the RBI’s 2026 FCNR scheme could attract up to $55 billion in total inflows — with the bulk expected in August and September as people hit payday cycles.
In general, there’s no benefit to waiting — the RBI swap window that’s enabling the current high rates closes September 30, 2026. After that, banks will likely pull back rates. If you’re planning to send, earlier is better: you lock in the rate and start the clock on your deposit sooner.
How Much Should You Send?
- FCNR deposits have a minimum of 1 year. Only send what you’re comfortable not touching for 12 months.
- There’s no single deposit maximum, but for very large amounts (USD 50,000+), some banks require additional documentation for large inward remittances.
- Different rates may apply for different tenors. Please check with your bank
- Spreading deposits across months means you dollar-cost-average on the INR rate at maturity — slightly different conversion rate each time.
Key Takeaways
- Confirm the correct account and funding instructions with your bank before sending — this varies by bank.
- Compare the all-in cost — exchange rate margin plus fees. On large amounts, rate matters more than fee.
- Instarem supports USD transfers to Indian accounts with competitive rates.
- Send a small test transfer first if this is your first time funding
- Once funds land, actively instruct the bank to place them in an FCNR deposit — it won’t happen automatically.
- Don’t wait on timing — lock in while rates are high.
Note: Interest rates are determined by individual banks and may vary by currency and tenure. Any rates mentioned in this article are indicative only. Please check with your bank for the latest applicable rates.
