Data Alert
Banks raise 3- to 5-year FCNR(B) deposit rates up to 7.50%
This story was originally published at 19:00 IST on 25 June 2026
Register to read our real-time news.Informist, Thursday, Jun. 25, 2026
MUMBAI – Nine Indian banks have raised interest rates on foreign currency non-resident dollar-denominated bank deposits for tenures ranging from three to five years more than once 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. Ujjivan Small Finance Bank offered the highest rate among banks at 7.50% on deposits of three to five years, as per data compiled by Informist.
This swap facility is expected to attract inflows of about $43 billion, according to the median in an Informist Poll of 16 economists. The RBI has allowed banks to price these deposits as per their internal policies. On Jun. 17, the central bank temporarily withdrew the interest rate ceiling on such deposits until Sept. 30. Until then, 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 | Prior date of revision | 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 | N.A. | 7.10 | 5.15 | 195 | 7.10 | 5.15 | 195 | 7.10 | 5.15 | 195 |
| Axis Bank | Below $1 mln | 13-Jun-26 | N.A. | 6.00 | 3.25 | 275 | 6.00 | 2.95 | 305 | 6.00 | 2.95 | 305 |
| $1 mln and above | N.A. | 6.00 | 3.25 | 275 | 6.00 | 2.95 | 305 | 6.00 | 2.95 | 305 | ||
| Bandhan Bank#** | Below $1 mln | 18-Jun-26 | 11-Jun-26 | 7.00 | 7.00 | 0 | 7.00 | 7.00 | 0 | 7.00 | 7.00 | 0 |
| $1 mln and above | 7.10 | 7.00 | 10 | 7.10 | 7.00 | 10 | 7.10 | 7.00 | 10 | |||
| Bank of Maharashtra | All deposits | 13-Jun-26 | N.A. | 6.00 | 3.10 | 290 | 6.05 | 3.00 | 305 | 6.10 | 3.00 | 310 |
| Bank of Baroda#* | All deposits | 16-Jun-26 | 10-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 | N.A. | 6.00 | 3.35 | 265 | 6.05 | 3.35 | 270 | 6.25 | 3.15 | 310 |
| Above $100,000 | 6.25 | 3.35 | 290 | 6.30 | 3.35 | 295 | 6.50 | 3.15 | 335 | |||
| Canara Bank* | All deposits | 10-Jun-26 | N.A. | 6.50 | 3.70 | 280 | 6.50 | 3.50 | 300 | 6.50 | 3.50 | 300 |
| Central Bank of India# | All deposits | 23-Jun-26 | 10-Jun-26 | 6.50 | 6.00 | 50 | 6.55 | 6.00 | 55 | 6.60 | 6.00 | 60 |
| City Union Bank* | All deposits | 10-Jun-26 | N.A. | 7.10 | N.A. | -- | 7.10 | N.A. | -- | 7.10 | N.A. | -- |
| CSB Bank | All deposits | 11-Jun-26 | N.A. | 6.95 | 4.05 | 290 | 7.00 | 4.00 | 300 | 7.05 | 4.00 | 305 |
| DCB Bank | All deposits | 12-Jun-26 | N.A. | 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 | N.A. | 7.00 | 4.50 | 250 | 7.00 | 4.00 | 300 | 7.00 | 4.00 | 300 |
| $500,000 and above | 7.13 | 4.50 | 263 | 7.13 | 4.00 | 313 | 7.13 | 4.00 | 313 | |||
| Federal Bank#* | Up to $500,000 | 16-Jun-26 | 11-Jun-26 | 6.25 | 6.00 | 25 | 6.25 | 6.00 | 25 | 6.25 | 6.00 | 25 |
| $500,000 to below $1 mln | 6.25 | 6.00 | 25 | 6.25 | 6.00 | 25 | 6.25 | 6.00 | 25 | |||
| $1 mln and above | 6.25 | 6.25 | 0 | 6.25 | 6.25 | 0 | 6.25 | 6.25 | 0 | |||
| HDFC Bank## | All deposits | 10-Jun-26 | 1-Jun-26 | 6.00 | 3.65 | 235 | 6.00 | 3.40 | 260 | 6.00 | 3.40 | 260 |
| ICICI Bank | All deposits | 11-Jun-26 | N.A. | 6.00 | 3.00 | 300 | 6.00 | 2.90 | 310 | 6.00 | 2.90 | 310 |
| IDBI Bank#* | Up to $1 mln | 20-Jun-26 | 11-Jun-26 | 6.50 | 6.00 | 50 | 6.50 | 6.05 | 45 | 6.50 | 6.10 | 40 |
| Above $1 mln up to $5 mln | 6.55 | 6.05 | 50 | 6.55 | 6.10 | 45 | 6.55 | 6.15 | 40 | |||
| Above $5 mln | 6.60 | 6.10 | 50 | 6.60 | 6.15 | 45 | 6.60 | 6.20 | 40 | |||
| IDFC FIRST Bank | Below $1 mln | 16-Jun-26 | N.A. | 6.75 | 4.25 | 250 | 6.75 | 4.40 | 235 | 6.75 | 4.40 | 235 |
| Above $1 mln | N.A. | 6.75 | 4.00 | 275 | 6.75 | 4.00 | 275 | 6.75 | 4.00 | 275 | ||
| Indian Bank* | Up to $1 mln | 12-Jun-26 | N.A. | 6.00 | 3.50 | 250 | 6.25 | 3.40 | 285 | 6.50 | 3.40 | 310 |
| Above $1 mln up to $3 mln | 5.60 | 3.50 | 210 | 5.85 | 3.40 | 245 | 6.10 | 3.40 | 270 | |||
| Above $3 mln | 5.50 | 3.50 | 200 | 5.75 | 3.40 | 235 | 6.00 | 3.40 | 260 | |||
| Indian Overseas Bank* | All deposits | 15-Jun-26 | N.A. | 6.50 | 3.15 | 335 | 6.50 | 3.15 | 335 | 6.50 | 3.15 | 335 |
| IndusInd Bank | All deposits | 15-Jun-26 | N.A. | 6.60 | 3.70 | 290 | 6.65 | 3.60 | 305 | 6.75 | 3.60 | 315 |
| J&K Bank | Below $1 mln | 15-Jun-26 | N.A. | 6.00 | 3.55 | 245 | 6.05 | 3.30 | 275 | 6.10 | 3.30 | 280 |
| Above $1 mln | 6.15 | 3.55 | 260 | 6.20 | 3.30 | 290 | 6.25 | 3.30 | 295 | |||
| Karnataka Bank | All deposits | 11-Jun-26 | N.A. | 6.50 | N.A. | -- | 6.75 | N.A. | -- | 7.00 | N.A. | -- |
| Karur Vysya Bank | All deposits | 10-Jun-26 | N.A. | 7.00 | 2.63 | 437 | 7.00 | 2.63 | 437 | 7.00 | 2.63 | 437 |
| Kotak Mahindra Bank** | Below $1 mln | 11-Jun-26 | N.A. | 6.00 | 3.40 | 260 | 6.00 | 3.20 | 280 | 6.00 | 3.00 | 300 |
| $1 mln and above | N.A. | 6.15 | 3.40 | 275 | 6.15 | 3.20 | 295 | 6.15 | 3.00 | 315 | ||
| Punjab & Sind Bank | All deposits | 15-Jun-26 | 11-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 | N.A. | 6.40 | 6.00 | 40 | 6.45 | 6.05 | 40 | 6.50 | 6.10 | 40 |
| RBL Bank | All deposits | 12-Jun-26 | N.A. | 6.25 | 4.25 | 200 | 6.30 | 4.25 | 205 | 6.35 | 4.55 | 180 |
| South Indian Bank#** | Up to $500,000 | 25-Jun-26 | 13-Jun-26 | 6.50 | 6.50 | 0 | 6.50 | 6.50 | 0 | 6.50 | 6.50 | 0 |
| Above $500,000 | 7.00 | 6.50 | 50 | 7.00 | 6.50 | 50 | 7.00 | 6.50 | 50 | |||
| State Bank of India* | Up to $1 mln | 10-Jun-26 | N.A. | 5.25 | 3.35 | 190 | 5.50 | 2.95 | 255 | 5.75 | 3.05 | 270 |
| Above $1 mln | 5.50 | 3.35 | 215 | 5.75 | 2.95 | 280 | 6.00 | 3.05 | 295 | |||
| Tamilnad Mercantile Bank* | All deposits | 10-Jun-26 | N.A. | 7.00 | 3.90 | 310 | 7.00 | 3.60 | 340 | 7.00 | 3.50 | 350 |
| UCO Bank | All deposits | 11-Jun-26 | 8-Mar-24 | 6.00 | 3.00 | 300 | 6.25 | 3.65 | 260 | 6.25 | 3.65 | 260 |
| Ujjivan Small Finance Bank# | All deposits | 25-Jun-26 | 12-Jun-26 | 7.50 | 7.13 | 37 | 7.50 | 7.13 | 37 | 7.50 | 7.13 | 37 |
| Union Bank of India*/** | Below $1 mln | 23-Jun-26 | 30-May-26 | 6.10 | 3.35 | 275 | 6.25 | 3.00 | 325 | 6.45 | 3.05 | 340 |
| $1 mln and above | 6.20 | 3.40 | 280 | 6.40 | 3.05 | 335 | 6.60 | 3.10 | 350 | |||
| YES Bank | All deposits | 11-Jun-26 | N.A. | 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.
#The bank has changed FCNR(B) rates more than once since the swap window was announced.
##The bank left rates unchanged as of Jun. 22
N.A. – Prior period data not available
End
US$1 = INR 94.3950
Compiled by Cassandra Carvalho
Filed by Rajeev Pai
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2026. All rights reserved.
To read more please subscribe
Share this Story:
