THEBUSINESSBYTES BUREAU

MUMBAI, JUNE 12, 2026

In a move aimed at attracting higher foreign currency inflows and strengthening India's external sector, Bank of Baroda has launched a special Foreign Currency Non-Resident [FCNR(B)] Deposit Scheme offering enhanced interest rates for Non-Resident Indians (NRIs), following the latest measures announced by the Reserve Bank of India.

Effective from June 11, 2026, the new scheme offers significantly higher returns on FCNR(B) deposits in major foreign currencies, including the US Dollar (USD), British Pound Sterling (GBP), Euro, Australian Dollar (AUD), and Canadian Dollar (CAD), particularly in the three-to-five-year maturity segment.

Under the revised rates, NRI customers can earn up to 6.00% per annum on US Dollar deposits, 5.15% on Canadian Dollar deposits, 4.75% on British Pound and Australian Dollar deposits, and 3.75% on Euro deposits for five-year tenures. The bank has also introduced attractive rates across the 3-4 year and 4-5 year maturity buckets.

Commenting on the initiative, Beena Vaheed, Executive Director of Bank of Baroda, said, “The Reserve Bank of India’s recent measures to encourage foreign currency inflows into the banking system have created an enabling environment for banks to strengthen their FCNR(B) offerings for the NRI community. The move is a well-calibrated and multi-pronged measure aimed at attracting FCNR(B) deposits and strengthening the Indian Rupee. Bank of Baroda’s new deposit scheme provides NRIs with an attractive opportunity to earn enhanced returns on their foreign currency deposits. As India’s international bank with a significant presence across multiple countries, the Bank is well positioned to capitalise on this opportunity and maximise FCNR(B) deposit mobilisation.”

The bank expects the special FCNR(B) scheme to support stronger foreign currency inflows, improve access to overseas funding at competitive costs, and contribute to the country's foreign exchange reserves. The initiative is also expected to help finance business expansion and support broader economic growth.

The highest return under the scheme is available on five-year US Dollar deposits at 6.00% per annum, making it one of the most attractive FCNR(B) offerings currently available for NRIs seeking stable foreign currency returns while maintaining exposure to India’s banking system.