Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and Persons of Indian Origin (POIs) looking to earn higher returns on their foreign currency deposits may find new opportunities as several banks have increased interest rates of their Foreign Currency Non-Resident (Bank) FCNR(B) deposits. Several banks such as Punjab National Bank (PNB), HDFC Bank, ICICI Bank, Axis Bank, AU Small Finance Bank have increased their FCNR(B) deposits on select tenures after the Reserve Bank of India (RBI) announced that the government would cover the hedging costs for new 3 to 5-year FCNR(B) deposits until September 30, 2026.What is an FCNR(B) account?An FCNR(B) account allows NRIs, OCIs and POIs to maintain fixed deposits in foreign currencies, offering tax-free interest, easy repatriation of funds and protection against exchange rate fluctuations.Public and private sector banks offer FCNR(B) in currencies such as USD, GBP, EUR, AUD, CAD and JPY.In this write-up, we will take you through revised $US FCNR(B) interest rates from prominent banks and small finance banks. Revised Axis Bank FCNR(B) interest ratesAfter the rate revision, Axis Bank is offering its highest interest rate of 6% in 3 to 5 years FCNR(B) schemes. The increased rates are applicable from June 11, 2026.Maturity PeriodUSD (Below 1 million)USD (1 million & above)1 year < 2 years4.00%4.00%2 years < 3 years3.50%3.50%3 years < 4 years6.00%6.00%4 years < 5 years6.00%6.00%5 years6.00%6.00%Revised Punjab National Bank (PNB) FCNR(B) interest ratesPunjab National Bank is offering its highest FCNR(B) interest rate of 6.1% on its 5-year tenure. The bank was earlier paying an interest of 3.05% in the same scheme. In its 4 years to less than 5 year FCNR(B) deposits, the bank has increased the rate from 2.95% to 6.05%. The increased rates are applicable from June 11, 2026 FCNR Deposit w.e.f. 11.06.2026 Period 1 yrs < 2 yrs 2 yrs < 3 yrs 3 yrs < 4 yrs 4 yrs < 5 yrs 5 Yrs. only S.No. Currency Existing Revised Existing Revised Existing Revised Existing Revised Existing Revised 01.06.2026 11.06.2026 01.06.2026 11.06.2026 01.06.2026 11.06.2026 01.06.2026 11.06.2026 01.06.2026 11.06.2026 1 USD* 4.99 4.99 3.47 3.47 3.24 6 2.95 6.05 3.05 6.1 Revised ICICI Bank FCNR(B) interest ratesAfter the revision, ICICI Bank is offering its highest interest rate of 6% on tenures of equal to or higher than 36 months to up to 60 60 months. The increased rates are applicable from June 11, 2026 Tenure USD 12 months to < 24 months 3.85% >= 24 months to < 36 months 3.85% >= 36 months to < 48 months 6.00% >= 48 months to < 60 months 6.00% 60 Months 6.00% Equitas Small Finance Bank FCNR(B) interest ratesEquitas Small Finance Bank is offering its highest FCNR(B) interest rate of 7.13% on tenures of equal to higher than 36 months to up to 60 months. The increased rates are applicable from June 11, 2026TenureLess than USD 500,000USD 500,000 and above12 months to ≤ 18 months5.10% p.a.5.15% p.a.> 18 months to < 36 months4.55% p.a.4.55% p.a.≥ 36 months to < 48 months7.13% p.a.7.13% p.a.≥ 48 months to ≤ 60 months7.13% p.a.7.13% p.a.AU Small Finance Bank revises FCNR(B) interest ratesAU Small Finance Bank (AU SFB) is offering its highest FCNR(B) interest rate of 7.10% in 3 years to less than 4 years of scheme. Earlier, it was offering a 5.15% interest rate on the same scheme. New FCNR(B) interest rates are applicable from June 10, 2026. Tenure/ Currency < USD 500,000 >= USD 500,000 1 Yr to < 2 Yrs 5.10% 5.15% 2 Yrs to < 3 Yrs 4.55% 4.55% 3 Yrs to < 4 Yrs 7.10% 7.10% 4 Yrs to < 5 Yrs 7.00% 7.00% 5 Yrs 7.00% 7.00% Note: All rates have been taken from respective banks’ websites as of 12:36 pm, June 12, 2026.