HDFC Bank, ICICI Bank raise FCNR (B) interest rates: Depositors to get up to 6.25% rates on select tenures; check details

After the government relaxed the hedging cost on select FCNR (B) deposits, many banks are passing this advantage to its customers by increasing Foreign Currency Non-Resident (Bank)-FCNR (B)- fixed deposit (FD) interest rates.

HDFC Bank and ICICI Bank have also increased FCNR (B) deposit rates by 25 basis points (0.25%) each on select USD FCNR (B) deposit tenures. The applicable interest rate depends on the deposit amount and tenure.