Kolkata, June 19 : Bandhan Bank announced an attractive FCNR deposit offering for its NRI customers, providing a compelling opportunity to invest in USD-linked deposits over a medium to long-term horizon. The Bank is offering 7.1 percentage interest rate on USD 1 million and above FCNR deposits for tenures ranging from 3 to 5 years. Interest rate for up to USD 1million has been increased to 7 percentage.
This initiative is expected to help NRI customers secure stable and competitive returns over a longer tenure, while also mitigating exposure to potential exchange rate fluctuations, particularly in the event of rupee depreciation.
Commenting on the offer, Rajinder Kumar Babbar, Executive Director & Chief Business Officer, Bandhan Bank, said,
“We are pleased to introduce this attractive FCNR (B) deposit offering for our NRI customers at a time when they are seeking stability and value in their overseas investments. This offering allows them to lock in competitive returns for a longer duration while effectively mitigating currency-related risks. At Bandhan Bank, we remain committed to delivering tailored solutions that meet the evolving financial needs of our global customer base.”
The offering follows the Reserve Bank of India’s introduction of a US Dollar–Rupee Forex Swap Facility for banks on fresh FCNR deposits mobilised for a minimum tenor of three years and up to five years. This regulatory measure is aimed at encouraging foreign currency inflows into the banking system.
Bandhan Bank, with a network of nearly 2000 bank branches across the country, is extending this limited-period offer to NRIs, inviting them to open non-resident accounts at any of its branches and benefit from the current favourable deposit rates.
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