HDFC Bank raises $1.75bn via GIFT City amid FCNR(B) closure
HDFC Bank has pulled in $1.75 billion from overseas investors, right before the Reserve Bank of India's early closure of its FCNR(B) deposit scheme for foreign currency.
The bank made this move through its GIFT City branch to support its foreign-currency deposit mobilization from NRIs under the FCNR(B) scheme, as the window for attracting funds from non-resident Indians (NRIs) gets shorter.
HDFC Bank raises $500m and $1.25bn
The bank split the fundraising into $500 million in three-year notes at 5.159% interest and $1.25 billion in five-year notes at 5.401%.
Both settle on August 26, 2026, and follow a previous $750 million raise in July.
With the Reserve Bank of India now closing the FCNR(B) scheme on August 31, Indian banks have less time to bring in NRI deposits, so HDFC Bank's quick action helps keep its international game strong.
The new bonds are rated Baa3 by Moody's and BBB by S&P, showing solid global confidence in India's biggest private lender.