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The Economic Times

Shaghil Bilali

FCNR deposit in demand: $1,277 extra interest on $10,000 investment by NRIs after RBI's latest move?

FCNR NRI RBI India Interest Rates Adhil Shetty Shweta Rajani FCNR B Anand Rathi Wealth AU Small Finance Bank

Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and Persons of Indian Original (POIs) can now enjoy higher interest rates on their Foreign Currency Non-Resident (Bank) Deposit-FCNR(B) investments. This is thanks to the Reserve Bank of India (RBI) announcing that the government would cover the hedging costs for fresh 3 to 5 year FCNR(B) deposits until September 30, 2026.

According to an estimate from Anand Rathi Wealth, if an NRI or OCI invests $10,000 in a 5-year FCNR(B) deposit, they could earn an additional interest of $1,277.

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