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The Economic Times
The Economic Times
Sneha Kulkarni

FCNR deposit rates up to 6.5%: Bank of Baroda, Indian Overseas Bank and others launch schemes for NRIs, OCIs

Bank of Baroda Indian Overseas Bank Canara Bank United States Federal Bank India US Dollar Interest Rates

Following the Reserve Bank of India's (RBI) recent measures aimed at attracting foreign currency inflows, several banks have launched Foreign Currency Non-Resident (Bank), or FCNR(B) schemes with attractive interest rates on US dollar deposits. Canara Bank, Bank of Baroda, Federal Bank and Indian Overseas Bank (IOB) have announced new FCNR(B) deposit schemes, offering attractive rates to attract Non-Resident Indians (NRI), Overseas Citizens of India (OCI) and Persons of Indian Origin (POIs).

These banks have made announcements in line with recent measures announced by the Reserve Bank of India (RBI) where it said that the government would bear the hedging cost on 3 to 5-year FCNR(B) deposits till September 30, 2026.. Let’s find out the latest FCNR(B) schemes launched by many banks.

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