India, June 19 -- Bandhan Bank has increased interest rates on its Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits for non-resident Indian (NRI) customers following the Reserve Bank of India's recent forex liquidity measures.
The bank will now offer an interest rate of 7.1% on US dollar-denominated FCNR(B) deposits of USD 1 million and above for tenures ranging from three to five years.
For FCNR(B) deposits of up to USD 1 million, the interest rate has been raised to 7%.
The move is aimed at attracting higher foreign currency deposits from NRIs and comes after the RBI's recent forex swap initiative, which is expected to support foreign currency inflows into the banking system.
Published by HT Digital Content Services with permis...