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Informist, Thursday, Jun. 18, 2026

MUMBAI – Bank of India has launched a "Super Yield (TD462 Only) deposit scheme" for foreign currency non-resident dollar-denominated bank deposits with a tenor of 3-5 years after the Reserve Bank of India earlier this month announced a dollar-rupee swap facility for fresh FCNR(B) deposits, according to the bank's website.

Under the scheme, the lender's FCNR(B) deposits of less than $100,000 for a tenor of 3-5 years are at 6.00-6.25%. Deposits above $100,000 will get interest at the rate of 6.25-6.50% for three- to five-year tenors.

The bank has applied a strict one-year lock-in period from the date of deposit under this scheme. Premature closure after completion of one year is permissible, but with a penalty as per the bank's existing FCNR rules. Also, the interest applicable will be as per the rate applicable for the existing FCNR(B) scheme, it said. 

The bank has kept its normal FCNR(B) rates for one- to five-year tenors unchanged in the range of 3.15-4.75%. For the March quarter, Bank of India had reported a net profit of INR 30.16 billion and a total income of INR 226.85 billion. Its shares ended at INR 147.67 on the National Stock Exchange, up marginally from Wednesday.  End

US$1 = INR 94.33

Reported by Durgesh Nandan

Edited by Rajeev Pai

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