SBI and BoB raise FCNR(B) rates to 6% on USD
Big news for NRIs: State Bank of India (SBI) and Bank of Baroda (BoB) have bumped up interest rates on their Foreign Currency Non-Resident (Bank), or FCNR(B), deposits.
Now, you can earn up to 6% on US dollar deposits, a pretty solid jump, thanks to new RBI rules aimed at bringing in more foreign currency.
SBI FCNR(B) offers 5.25% to 6%
SBI's fresh FCNR(B) Advantage Deposit Scheme offers 5.25%-5.75% returns for deposits up to $1 million, and up to 6% if you park over $1 million for five years.
BoB is matching that top rate for US dollar deposits, plus boosting other currencies: 4.75% for the British pound and the Australian dollar, 5.15% for the Canadian dollar, and 3.75% for the euro, way higher than 3.35%.
Other banks like HDFC and Yes Bank are joining in too, making it a hot moment if you're looking to invest from abroad.