SBI raises FCNR(B) rates to 5.75% under $1 million, 6% 5-year
Business
SBI just bumped up its Foreign Currency Non-Resident (Bank), FCNR(B), deposit rates, making it a bit more rewarding for Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs), and Persons of Indian Origin (PIOs).
Thanks to new RBI support, you can now get up to 5.75% interest per year on deposits under $1 million, and a solid 6% if you park more for 5 years.
FCNR(B) starts 5.25% tax-free, limited withdrawals
The new rates start at 5.25% for 3- to 4-year deposits up to $1 million, rising with longer tenures or bigger amounts.
Perks include tax-free returns, no worries about currency swings, and help save conversion costs.
Just keep in mind: you can't withdraw early in the first year, and pulling out between 1 and 5 years means lower interest.