HDFC Bank and ICICI Bank have increased FCNR(B) deposit rates to attract dollar inflows, responding to rising global benchmark rates and competitive pressures in overseas markets.

Banks have raised $36.7 billion through FCNR(B) deposits under the RBI's hedging facility, helping lift India's total forex inflows to $40.8 billion.

FCNR(B) deposits accounted for $36.72 billion of the inflows, exceeding the $26 billion mobilised under a similar scheme in 2013, in less than two months after the current window…

Banks are raising FCNR(B) deposit rates to attract dollars amid global rate increases. ICICI Bank and HDFC Bank have already adjusted their offerings for dollar deposits. Higher…