RBI advances special FCNR(B) deadline to August 31, 2026
The Reserve Bank of India, or RBI, brought its special FCNR(B) deposit scheme deadline forward to August 31, 2026.
This move is all about bringing more foreign currency into India, and it's already pulled in $52.3 billion since launching in June.
Special FCNR(B) terms for NRIs, OCIs
This scheme lets NRIs and OCIs earn higher interest on their foreign currency savings without worrying about rupee fluctuations.
There's a three- to five-year lock-in, but early withdrawals are possible after one year (with some penalties).
Interest is generally exempt from Indian income tax, subject to applicable conditions, though you might owe taxes where you live.
Regular FCNR(B) accounts will still be around after the deadline, but only deposits made before August 31 get the special rates until they mature.