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The Economic Times
The Economic Times
Sneha Kulkarni

Revised FCNR interest rates up to 7.13%: PNB, ICICI Bank, Axis Bank and others revise rates

Axis Bank ICICI Bank Interest Rates RBI AU Small Finance Bank Punjab National Bank Equitas Small Finance Bank

Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and Persons of Indian Origin (POIs) looking to earn higher returns on their foreign currency deposits may find new opportunities as several banks have increased interest rates of their Foreign Currency Non-Resident (Bank) FCNR(B) deposits.

Several banks such as Punjab National Bank (PNB), HDFC Bank, ICICI Bank, Axis Bank, AU Small Finance Bank have increased their FCNR(B) deposits on select tenures after the Reserve Bank of India (RBI) announced that the government would cover the hedging costs for new 3 to 5-year FCNR(B) deposits until September 30, 2026.

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