For foreign currency non-resident (Banks) or FCNR (B) deposits with tenors ranging from one year to less than three years, the ceiling is overnight ARR for the respective currency/ swap plus 400 basis points. The ceiling is 500 basis points above the reference rate for deposits maturing three years and above.
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FCNR interest rates: Banks are increasing interest rates on Foreign Currency Non-Resident (FCNR-B) deposits for NRIs, OCIs, and POIs. This follows the RBI's announcement to cover hedging costs for new 3 to 5-year deposits until September 2026. Axis Bank now offers up to 6% on these schemes for select tenures.
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Up to 7.75% FD interest rate: 5 banks offering best 5-year fixed deposit rates
Earn up to 8.1% FD interest rate: Some banks have revised the interest rates for their fixed deposit (FD) accounts for deposits less than Rs 3 crore, which will be in effect from September 2024. Let's examine the fixed deposit interest rates that apply to both regular customers and senior citizens.
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Recurring Deposit (RD) interest rates vary based on the bank, tenure, and deposit amount. Generally, RD rates range between 4% to 8% per annum, with senior citizens getting higher rates. The interest is compounded quarterly, ensuring steady growth of savings. Longer tenures usually offer better returns, while premature withdrawals may reduce earnings.
Several banks including ICICI Bank and Indian Bank have increased their fixed deposit interest rates recently. The Reserve Bank of India raised the repo rate, influencing banks to adjust their deposit rates. ICICI Bank now offers 6.60% for general citizens and 7.20% for senior citizens on select tenures. Indian Bank has also raised rates on specific fixed deposit options for its customers.
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Fixed deposit interest rates: Union Bank of India, DCB Bank and Indian Bank have revised their fixed deposit (FD) interest rates. These revised rates are effective from early August 2026.
FCNR(B) interest rates: The Reserve Bank of India's announcement to bear hedging costs for FCNR(B) deposits has prompted SBI to revise its interest rates. NRIs can now earn up to 6% per annum on US dollar-denominated FCNR(B) deposits, with rates varying by amount and tenure.
HSBC Bank's IFSC unit offers Non-Resident Indians significant leverage on FCNR(B) deposits. This strategy allows investors to borrow up to nineteen times their initial deposit amount. The potential for amplified returns arises from the spread between deposit earnings and borrowing costs. However, this leverage strategy carries risks if borrowing costs exceed deposit interest rates. FCNR(B) deposits also offer protection against Indian Rupee depreciation for investors.