HSBC Bank’s IFSC Banking Unit in GIFT City is offering Non-Resident Indians to borrow up to 19 times their own fund on FCNR (B) deposits. It means the bank is offering 19X leverage on FCNR (B) where an investor investing $10,000 in a Foreign Currency Non-Resident- FCNR (B) deposit- can borrow $1,90,000, potentially increasing their return significantly.
Many leading banks such as State Bank of India (SBI), HDFC Bank and Punjab National Bank (PNB) have increased their interest rates on FCNR(B) deposits ever since the government decided to bear the cost of hedging on investments in 3-to-5-year FCNR (B) deposits till September 30, 2026.
