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Informist, Thursday, Jun. 11, 2026

MUMBAI – Bank of Baroda has launched a Special FCNR(B) Deposit scheme after the Reserve Bank of India's dollar-rupee swap facility for fresh deposits, according to a press release from the bank. The new scheme is effective from Thursday. 

Under the scheme, the lender's foreign currency non-resident dollar-denominated bank deposits for three year to five year tenures are now at 5.50% to 6.00%. The bank has also raised its interest rates on other major foreign currencies including British Pound Sterling, Euro, Australian dollar, and Canadian dollar. 

"The Reserve Bank of India's recent measures to encourage foreign currency inflows into the banking system have created an enabling environment for banks to strengthen their FCNR (B) offerings for the NRI community," Beena Vaheed, executive director at the bank, said in a note. "Bank of Baroda's new deposit scheme provides NRIs with an attractive opportunity to earn enhanced returns on their foreign currency deposits."  End

Reported by J. Navya Sruthi

Edited by Akul Nishant Akhoury  

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