Higher interest rates on FCNR(B) deposits for NRIs: Check latest NRE FD rates in SBI, HDFC Bank, Axis Bank, PNB
A ‘Non-Resident Indian’ (NRI) is a citizen of India who resides outside India. An NRI account can be opened jointly with a resident Indian on a former or survivor basis. There are different types of NRI accounts, including Non-Resident External (NRE), Non-Resident Ordinary (NRO), and Foreign Currency Non-Resident (FCNR) accounts.
For NRIs looking to invest and retain their foreign currency while simultaneously earning high returns, FCNR (B) accounts can be a great choice. Most banks book FCNR deposits in the US Dollars, Pounds Sterling, Euro, Japanese Yen, Australian Dollars, Canadian Dollars.
Here is a look at the FCNR (B) rates of prominent banks like ICICI Bank, SBI, Canara Bank and Union Bank of India.
SBI FCNR rates
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