For non-resident Indians, foreign currency non-resident bank fixed deposits remain a favored investment choice. With an uptick in interest rates for tenures ranging from three to five years, Punjab National Bank currently leads with an attractive 6.50% rate on select five-year deposits. Meanwhile, HDFC Bank and ICICI Bank also showcase appealing rates for extended FCNR(B) deposits.

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…

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.