India, June 18 -- Equitas Small Finance Bank has revised its Foreign Currency Non-Resident (Bank) [FCNR(B)] deposit rates, offering Non-Resident Indians (NRIs) an interest rate of 7.13% per annum on US dollar deposits with tenures ranging from three to five years.
The rate hike follows the Reserve Bank of India's special FCNR(B) swap facility aimed at encouraging higher NRI fund inflows into the country. The bank said the revised offering provides NRIs with an opportunity to earn competitive returns while keeping their savings in foreign currency and avoiding exchange rate risks.
According to the bank, FCNR(B) deposits offer tax-free interest income in India and allow full repatriation of both principal and interest upon maturity, subject...