AU Small Finance Bank (AU SFB) has introduced new interest rates on Foreign Currency Non-Resident (FCNR) [B] deposits for Non-Resident Indians (NRIs). The bank is offering up to 6.30% per annum on US dollar (USD) deposits for tenures of 1 year to less than 2 years. Competitive rates are also available for the British pound (GBP), euro (EUR), and Canadian dollar (CAD).
The FCNR (B) scheme allows NRIs to keep their savings in India in foreign currency while earning returns on deposits.
What are the current rates?
AU Small Finance Bank’s interest rates on FCNR (B) deposits include:
USD: 6.30% for 1 year to less than 2 years
GBP: 5.85% for 1 year to less than 2 years
EUR: 4.30% for 1 year to less than 2 years
CAD: 5% for 1 year to less than 2 years
For longer tenures, the bank offers:
2 years to less than 3 years
USD: 5.25%
GBP: 5%
EUR: 3.25%
CAD: 4.60%
3 years to less than 4 years
USD: 4.75%
GBP: 4.25%
EUR: 2.55%
CAD: 3.85%
4 years to less than 5 years
USD: 4.55%
GBP: 3.85%
EUR: 2%
CAD: 3.30%
5 years
USD: 4.15%
GBP: 3.55%
EUR: 2%
CAD: 3%
What benefits do FCNR (B) accounts offer?
According to AU SFB, NRIs can benefit from:
Tax-free interest: The interest earned on these deposits is exempt from Indian income tax.
Easy repatriation: Funds can be transferred in the foreign currency of the account.
Joint account facility: NRIs can open joint FCNR (B) accounts with other NRIs.
First Published: Sep 25 2024 | 5:39 PM IST
