FCNR (B) FD interest rates up to 6.50%: SBI, HDFC Bank, PNB and others- which bank offers highest rate?

Foreign Currency Non-Resident (Bank), or FCNR(B), fixed deposits have emerged as popular investments for a lot of Non-Resident Indians (NRIs) ever since the government said that it would bear the hedging cost on deposits of 3-5 years till September 30, 2026. As a result, many banks have increased interest rates on their FCNR(B) FDs of 3 to 5 years. In a high interest rate-scenario, even a small difference of 0.25-0.50% in the FCNR(B) interest rate can significantly increase returns. So, it is important to compare FCNR (B) deposit rates across banks before investing.

Here's a comparison of the highest USD FCNR (B) deposit rates offered by leading banks such as State Bank of India (SBI), HDFC Bank, ICICI Bank, Punjab National Bank (PNB), Kotak Mahindra Bank and Axis Bank.