Kolkata, June 20 : Bandhan Bank has enhanced its Foreign Currency Non-Resident (Bank) [FCNR (B)] deposit offerings for non-resident Indian (NRI) customers, raising interest rates to 7.1% for deposits of USD 1 million and above and 7% for deposits up to USD 1 million.
The revised rates are available on FCNR (B) deposits with tenures ranging from three to five years and are aimed at providing stable and competitive returns through medium- to long-term investments.
The bank said the offering would help NRI customers secure assured returns while reducing exposure to currency-related risks, particularly in the event of rupee depreciation.
“We are pleased to introduce this attractive FCNR (B) deposit offering for our NRI customers at a time when they are seeking stability and value in their overseas investments. This offering allows them to lock in competitive returns for a longer duration while effectively mitigating currency-related risks. At Bandhan Bank, we remain committed to delivering tailored solutions that meet the evolving financial needs of our global customer base,” said Rajinder Kumar Babbar, Executive Director and Chief Business Officer, Bandhan Bank.
The initiative follows the Reserve Bank of India’s introduction of a US Dollar-Rupee Forex Swap Facility for banks on fresh FCNR (B) deposits mobilised for a minimum tenor of three years and up to five years. The measure is intended to encourage foreign currency inflows into the banking system.
Bandhan Bank said the enhanced rates are being offered for a limited period and invited NRIs to open non-resident accounts at any of its branches to avail of the scheme.
The bank currently operates nearly 2,000 branches across the country.
