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The Economic Times
The Economic Times
Sneha Kulkarni

Highest FCNR (B) interest rates: Check PSU vs private sector bank rates for NRIs, OCIs

FCNR Interest Rates RBI United States Axis Bank BankBazaar Bank of Baroda Canara Bank HDFC Bank ICICI Bank

Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and Persons of Indian Origin (PIOs) looking to park their foreign currency savings in India have only a few days left to avail the benefit of zero hedging costs on 3-5 year Foreign Currency Non-Resident (Bank) deposits.

The RBI in June had announced that the government would bear the hedging cost on 3-5-year FCNR (B) deposits. After this relief, many banks increased interest rates on their 3-5-year FCNR (B) fixed deposits. The RBI swap window was available till September 30, 2026, but as FCNR (B) drew huge USD deposits, the government advanced the deadline to August 31.

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