India, Sept. 5 -- For NRIs holding savings in foreign currency, an FCNR deposit can provide a way to earn interest without converting the principal into Indian Rupees. The decision to lock in funds, however, depends on the currency you hold, the available tenure, prevailing FCNR deposit rates and how soon you may need access to the money.

Timing can matter particularly when interest rates are changing. However, the highest available rate is not necessarily the only factor worth considering before committing your funds for several years.

An FCNR deposit is a fixed deposit maintained in a permitted foreign currency by eligible non-resident customers. Unlike a conventional Rupee Fixed Deposit, the principal and interest remain denominated ...