Federal Bank has introduced a special foreign currency non-resident (FCNR) deposit scheme in US dollars, offering an interest rate of 6.25% per annum for tenures between three and five years.

India

Who

Federal Bank, Anshul, Joy P V

What

When

Tue, 16 Jun 2026 08:04:40 GMT · 2h 3m ago

Where

India ·

Why

The scheme has been launched in response to rising demand for such deposits in the NRI segment and is aimed at strengthening customer-focused offerings for NRI clients and enhancing value in foreign currency savings products.

The Frontline Impact

How this affects you

This new offering from Federal Bank, amidst widespread increases in FCNR(B) deposit rates across Indian lenders, provides non-resident Indians with a competitive option for stable, higher-yield foreign currency investments. The intensified competition among banks in India for NRI deposits suggests a notable shift in the investment landscape for expatriates looking to save in US dollars.

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Verified Sources & Citations

CNBC TV18
https://www.cnbctv18.com/personal-finance/federal-bank-new-special-fcnr-deposit-scheme-6-25-pc-interest-rate-ws-l-19926430.htm
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