Data Alert
5 bks up 3- to 5-yr FCNR(B) deposit rates for 2nd time since Jun 8
This story was originally published at 18:15 IST on 20 June 2026
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MUMBAI – Five Indian banks have raised interest rates on foreign currency non-resident dollar-denominated bank deposits for tenures ranging from three to five years for the second time after the Reserve Bank of India on Jun. 8 rolled out a concessional swap facility with the aim of attracting foreign currency deposits, essentially bringing the cost of raising dollar deposits at par with the cost of rupee deposits. Bandhan Bank, Bank of Baroda, Federal Bank, Punjab National Bank, and South Indian Bank have raised rates on these deposits by as much as 100 basis points in a second round of revisions since the swap facility was notified.
This swap facility is expected to attract inflows of about $43 billion, according to the median in an Informist poll of 16 economists. As per data compiled by Informist, DCB Bank Ltd., Ujjivan Small Finance Bank Ltd., Equitas Small Finance Bank Ltd. and ESAF Small Finance Bank Ltd. have offered the highest interest rate of 7.13% for three- to five-year deposits.
The RBI has allowed banks to price these deposits as per their internal policies. On Wednesday, the central bank temporarily withdrew the interest rate ceiling on such deposits until Sept. 30. Until Wednesday, banks were allowed to offer up to 350 basis points higher than the benchmark rate of the foreign currency, suggesting a cap of around 7.13% based on the prevailing Secured Overnight Funding Rate for dollars.
The schemes offered by banks are set to end on Sept. 30. Bank-wise FCNR(B) deposit rates for dollar deposits across various tenures are as follows:
| Name | Size of deposit | Effective date | 3 to below 4 years | 4 to below 5 years | 5 years | ||||||
| Revised | Previous | Rise (in bps) | Revised | Previous | Rise (in bps) | Revised | Previous | Rise (in bps) | |||
| AU Small Finance Bank | All deposits | 10-Jun-26 | 7.10 | 5.15 | 195 | 7.10 | 5.15 | 195 | 7.10 | 5.15 | 195 |
| Axis Bank | Below $1 mln | 13-Jun-26 | 6.00 | 3.25 | 275 | 6.00 | 2.95 | 305 | 6.00 | 2.95 | 305 |
| $1 mln and above | 13-Jun-26 | 6.00 | 3.25 | 275 | 6.00 | 2.95 | 305 | 6.00 | 2.95 | 305 | |
| Bandhan Bank#** | Below $1 mln | 18-Jun-26 | 7.00 | 7.00 | 0 | 7.00 | 7.00 | 0 | 7.00 | 7.00 | 0 |
| $1 mln and above | 18-Jun-26 | 7.10 | 7.00 | 10 | 7.10 | 7.00 | 10 | 7.10 | 7.00 | 10 | |
| Bank of Maharashtra | All deposits | 13-Jun-26 | 6.00 | 3.10 | 290 | 6.05 | 3.00 | 305 | 6.10 | 3.00 | 310 |
| Bank of Baroda#* | All deposits | 16-Jun-26 | 6.00 | 5.50 | 50 | 6.10 | 5.75 | 35 | 6.25 | 6.00 | 25 |
| Bank of India* | Below $100,000 | 12-Jun-26 | 6.00 | 3.35 | 265 | 6.05 | 3.35 | 270 | 6.25 | 3.15 | 310 |
| Above $100,000 | 12-Jun-26 | 6.25 | 3.35 | 290 | 6.30 | 3.35 | 295 | 6.50 | 3.15 | 335 | |
| Canara Bank | All deposits | 10-Jun-26 | 6.50 | 3.70 | 280 | 6.50 | 3.50 | 300 | 6.50 | 3.50 | 300 |
| Central Bank of India | All deposits | 10-Jun-26 | 6.00 | 3.62 | 238 | 6.00 | 3.47 | 253 | 6.00 | 3.47 | 253 |
| City Union Bank | All deposits | 10-Jun-26 | 7.10 | N.A. | -- | 7.10 | N.A. | -- | 7.10 | N.A. | -- |
| CSB Bank | All deposits | 11-Jun-26 | 6.95 | 4.05 | 290 | 7.00 | 4.00 | 300 | 7.05 | 4.00 | 305 |
| DCB Bank | Up to $350,000 | 12-Jun-26 | 7.13 | 3.50 | 363 | 7.13 | 3.50 | 363 | 7.13 | 3.50 | 363 |
| Above $350,000 | 12-Jun-26 | 7.13 | 3.50 | 363 | 7.13 | 3.50 | 363 | 7.13 | 3.50 | 363 | |
| Equitas Small Finance Bank*** | All deposits | 11-Jun-26 | 7.13 | N.A. | -- | 7.13 | N.A. | -- | 7.13 | N.A. | -- |
| ESAF Small Finance Bank | Below $500,000 | 15-Jun-26 | 7.00 | 4.50 | 250 | 7.00 | 4.00 | 300 | 7.00 | 4.00 | 300 |
| $500,000 and above | 15-Jun-26 | 7.13 | 4.50 | 263 | 7.13 | 4.00 | 313 | 7.13 | 4.00 | 313 | |
| Federal Bank#* | Up to $500,000 | 16-Jun-26 | 6.25 | 6.00 | 25 | 6.25 | 6.00 | 25 | 6.25 | 6.00 | 25 |
| $500,000 to below $1 mln | 16-Jun-26 | 6.25 | 6.00 | 25 | 6.25 | 6.00 | 25 | 6.25 | 6.00 | 25 | |
| $1 mln and above | 16-Jun-26 | 6.25 | 6.25 | 0 | 6.25 | 6.25 | 0 | 6.25 | 6.25 | 0 | |
| HDFC Bank | All deposits | 10-Jun-26 | 6.00 | 3.65 | 235 | 6.00 | 3.40 | 260 | 6.00 | 3.40 | 260 |
| ICICI Bank | All deposits | 11-Jun-26 | 6.00 | 3.00 | 300 | 6.00 | 2.90 | 310 | 6.00 | 2.90 | 310 |
| IDBI Bank* | Up to $1 mln | 11-Jun-26 | 6.00 | 3.25 | 275 | 6.05 | 3.15 | 290 | 6.10 | 3.15 | 295 |
| Above $1 mln up to $5 mln | 11-Jun-26 | 6.05 | 3.25 | 280 | 6.10 | 3.20 | 290 | 6.15 | 3.20 | 295 | |
| Above $5 mln | 11-Jun-26 | 6.10 | 3.35 | 275 | 6.15 | 3.35 | 280 | 6.20 | 3.35 | 285 | |
| IDFC FIRST Bank | Below $1 mln | 16-Jun-26 | 6.75 | 4.25 | 250 | 6.75 | 4.40 | 235 | 6.75 | 4.40 | 235 |
| Above $1 mln | 16-Jun-26 | 6.75 | 4.00 | 275 | 6.75 | 4.00 | 275 | 6.75 | 4.00 | 275 | |
| Indian Bank* | Up to $1 mln | 12-Jun-26 | 6.00 | 3.50 | 250 | 6.25 | 3.40 | 285 | 6.50 | 3.40 | 310 |
| Above $1 mln up to $3 mln | 12-Jun-26 | 5.60 | 3.50 | 210 | 5.85 | 3.40 | 245 | 6.10 | 3.40 | 270 | |
| Above $3 mln | 12-Jun-26 | 5.50 | 3.50 | 200 | 5.75 | 3.40 | 235 | 6.00 | 3.40 | 260 | |
| Indian Overseas Bank | All deposits | 15-Jun-26 | 6.50 | 3.15 | 335 | 6.50 | 3.15 | 335 | 6.50 | 3.15 | 335 |
| IndusInd Bank | All deposits | 15-Jun-26 | 6.60 | 3.70 | 290 | 6.65 | 3.60 | 305 | 6.75 | 3.60 | 315 |
| J&K Bank | Below $1 mln | 15-Jun-26 | 6.00 | 3.55 | 245 | 6.05 | 3.30 | 275 | 6.10 | 3.30 | 280 |
| Above $1 mln | 15-Jun-26 | 6.15 | 3.55 | 260 | 6.20 | 3.30 | 290 | 6.25 | 3.30 | 295 | |
| Karnataka Bank | All deposits | 11-Jun-26 | 6.50 | N.A. | -- | 6.75 | N.A. | -- | 7.00 | N.A. | -- |
| Karur Vysya Bank | All deposits | 10-Jun-26 | 7.00 | 2.63 | 437 | 7.00 | 2.63 | 437 | 7.00 | 2.63 | 437 |
| Kotak Mahindra Bank** | Below $1 mln | 11-Jun-26 | 6.00 | 3.40 | 260 | 6.00 | 3.20 | 280 | 6.00 | 3.00 | 300 |
| $1 mln and above | 11-Jun-26 | 6.15 | 3.40 | 275 | 6.15 | 3.20 | 295 | 6.15 | 3.00 | 315 | |
| Punjab & Sind Bank | All deposits | 15-Jun-26 | 6.70 | 3.50 | 320 | 6.75 | 3.50 | 325 | 6.80 | 3.50 | 330 |
| Punjab National Bank# | Below $1 mln | 18-Jun-26 | 6.40 | 6.00 | 40 | 6.45 | 6.05 | 40 | 6.50 | 6.10 | 40 |
| RBL Bank | All deposits | 12-Jun-26 | 6.25 | 4.25 | 200 | 6.30 | 4.25 | 205 | 6.35 | 4.55 | 180 |
| South Indian Bank# | All deposits | 13-Jun-26 | 6.50 | 6.50 | 0 | 6.50 | 6.00 | 50 | 6.50 | 5.50 | 100 |
| State Bank of India* | Up to $1 mln | 10-Jun-26 | 5.25 | 3.35 | 190 | 5.50 | 2.95 | 255 | 5.75 | 3.05 | 270 |
| Above $1 mln | 10-Jun-26 | 5.50 | 3.35 | 215 | 5.75 | 2.95 | 280 | 6.00 | 3.05 | 295 | |
| Tamilnad Mercantile Bank | All deposits | 12-Jun-26 | 7.00 | 3.90 | 310 | 7.00 | 3.60 | 340 | 7.00 | 3.50 | 350 |
| UCO Bank | All deposits | 11-Jun-26 | 6.00 | 3.00 | 300 | 6.25 | 3.65 | 260 | 6.25 | 3.65 | 260 |
| Ujjivan Small Finance Bank | Regular | 12-Jun-26 | 7.13 | 4.00 | 313 | 7.13 | 4.00 | 313 | 7.13 | 4.00 | 313 |
| More than $100,000 | 12-Jun-26 | 7.13 | 4.00 | 313 | 7.13 | 4.00 | 313 | 7.13 | 4.00 | 313 | |
| YES Bank | All deposits | 11-Jun-26 | 6.50 | 4.00 | 250 | 6.55 | 3.75 | 280 | 6.60 | 3.75 | 285 |
Source: Banks' websites, Informist.
*These peak rates have been introduced as part of a special scheme.
**The size of deposits in the categories has changed post revision of rates.
***The bank did not offer FCNR(B) deposits for the 3-5 year tenures prior to this.
#Bank has raised FCNR(B) rates for second time since the swap window was announced.
N.A. – Prior period data not available
End
US$1 = INR 94.3200
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Compiled by Cassandra Carvalho
Edited by Avishek Dutta
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