Interest in Foreign Currency Non-Resident (FCNR) deposits has picked up after the Reserve Bank of India (RBI) introduced a concessional swap facility for banks to mobilise fresh foreign currency deposits. The scheme, available until September 30, 2026, has already attracted sizable inflows, with banks mobilising over USD 17.4 billion through FCNR(B) deposits as of July 17, 2026, as per RBI data. Investors can invest and withdraw FCNR(B) deposits in foreign currencies such as US dollar, Canadian dollar, Australian dollar, British Pound, Euro and Japanese Yen. Interest earned is also exempt from tax in India.
If you are a Non-Resident Indian (NRI), Overseas Citizen of India (OCI) or a Person of Indian Origin (PIO) looking to invest in FCNR(B), here's a look at the 3-year FCNR(B) USD fixed deposit (FD) interest rates offered by State Bank of India (SBI), Punjab National Bank (PNB), HDFC Bank, ICICI Bank, Canara Bank and Axis Bank.
