IDFC FIRST Bank to up 3-yr to 5-yr FCNR(B) deposit rates to 6.75% from Tue
This story was originally published at 22:15 IST on 15 June 2026
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NEW DELHI – IDFC FIRST Bank will raise interest rates on dollar-denominated foreign currency non-resident bank deposits by 235-275 basis points to 6.75% for three- to five-year tenors from Tuesday, the bank's website showed Monday. Rates on such deposits below three years were left unchanged.
The Reserve Bank of India's dollar-rupee swap facility for fresh deposits allows banks to hedge inflows from FCNR(B) deposits at no cost and is applicable on a minimum tenure of three to five years. The central bank has allowed banks to price these deposits according to their internal policy, but within the overall regulatory ceiling. Regulations suggest 7.13% is the highest rate banks can offer on dollar-denominated deposits, based on the Secured Overnight Financing Rate.
For the March quarter, IDFC FIRST Bank reported a net profit of INR 3.19 billion on a total income of INR 121.83 billion. On Monday, shares of the lender closed 2.4% higher at INR 78.33 apiece on the National Stock Exchange.
IDFC FIRST Bank's FCNR(B) deposit rates for dollars for various tenures are as follows:
| Tenure | Revised rate (%) | Previous rate (%) | ||
| Below $1 million | Above $1 million | Below $1 million | Above $1 million | |
| One year up to 15 months | 4.50 | 4.00 | 4.50 | 4.00 |
| 15 months up to two years | 4.50 | 4.00 | 4.50 | 4.00 |
| Two years up to three years | 4.25 | 4.00 | 4.25 | 4.00 |
| Three years up to four years | 6.75 | 6.75 | 4.25 | 4.00 |
| Four years up to five years | 6.75 | 6.75 | 4.40 | 4.00 |
| Five years | 6.75 | 6.75 | 4.40 | 4.00 |
End
US$1 = INR 94.71
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Aaryan Khanna
Edited by Saji George Titus
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