Banks like HDFC Bank, ICICI Bank, Central Bank of India and AU Small Finance Bank updated their Foreign Currency Non-Resident (Bank)- FCNR(B) interest rates for various currencies and tenures today (Wednesday, June 10, 2026).
FCNR(B) rates are in focus ever since 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. RBI governor Sanjay Malhotra made this announcement in the Monetary Policy Committee (MPC) meeting last week, most likely benefitting Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs), and Persons of Indian Origin (POIs) who may earn higher interest on certain FCNR(B) deposits if banks increase rates.
