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Informist, Tuesday, Jun. 16, 2026

--Indian Overseas Bank raises 3-5 year FCNR(B) deposit rates to 6.50% 

--Indian Overseas Bank raises 3-5 year FCNR(B) deposit rates by 335 bps 

MUMBAI – Indian Overseas Bank introduced a special FCNR (B)deposit scheme after the Reserve Bank of India's dollar-rupee swap facility for fresh deposits, according to an update on the bank's website. The new scheme is effective from Monday. 

Under the scheme, the bank raised its interest rates on dollar-denominated foreign currency non-resident bank deposits by 335 basis points to 6.50% for three- to five-year tenures, according to an update on the bank's website. In case of deposit withdrawal before the completion of one year, the interest rate payable will be 1% lower than the rate of interest applicable for the period. The scheme will be open till Sept. 30.   

The bank reported a net profit of INR 15.05 billion for the March quarter, up from INR 10.51 billion in the year-ago quarter. At 1001 IST, shares of the bank were trading up 34% at INR 34 apiece on the National Stock Exchange.  End

Reported by Reshma Ravi

Edited by Deepshikha Bhardwaj

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