Bank of Baroda launches FCNR (B) deposit scheme for NRIs
Business
Bank of Baroda just rolled out a fresh FCNR (B) Deposit Scheme on June 11, 2026, designed especially for NRIs.
The big idea? To bring more foreign currency into Indian banks and offer NRIs some solid interest rates for deposits held between three and five years in popular currencies.
NRIs offered rates up to 6%
If you're an NRI, you can earn up to 6% on US dollar deposits.
British pound sterling and Australian dollar deposits fetch 4.75%, Canadian dollar gets you 5.15%, and euro offers 3.75%.
It's all part of the Reserve Bank of India's push to strengthen the rupee and keep India's economy steady, something Bank of Baroda says will help boost foreign exchange reserves and contribute to overall macroeconomic stability.