Following the Reserve Bank of India's (RBI) announcement that the government would bear hedging costs for new Foreign Currency Non-Resident (Bank), or FCNR(B), deposits with maturities of three to five years until September 30, 2026, State Bank of India (SBI) has revised its FCNR(B) deposit interest rates. The bank is now offering Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and Persons of Indian Origin (POIs) interest rates of up to 5.75% per annum, as per updated FCNR(B) interest rates on its official website. The said interest rate is available on the 5-year SBI Advantage US dollar-denominated deposit of under $1 million investment. The same FCNR(B) scheme is offering a 6% rate on investments above $1 million.
