FCNR B FDs offering up to 7.50% interest rate to NRIs, OCIs: These banks offer 6.25% or higher on deposits
Several banks are now offering Foreign Currency Non-Resident (Bank) fixed deposit interest rates of up to 7.50% for Non-Resident Indians (NRI) and Overseas Citizens of India (OCI) following a government decision to cover hedging costs until September 30, 2026. The highest rates include 7.50% from Ujjivan Small Finance Bank and 7.40% from AU Small Finance Bank, primarily for 3-5 year tenures. This move enhances investment options for NRIs and OCIs, allowing them to maintain deposits in various foreign currencies with tax-free interest and protection against currency fluctuations.