Bank of Baroda Introduces New FCNR (B) Deposit Scheme for NRIs

Bank of Baroda has unveiled a new Foreign Currency Non-Resident (FCNR (B)) Deposit Scheme that aims to provide enhanced interest rates for Non-Resident Indians (NRIs). This initiative, effective from June 11, 2026, aligns with the Reserve Bank of India's recent strategies to stimulate foreign currency investment into India.

The new deposit scheme offers advantageous interest rates within the three to five-year maturity category, covering several major foreign currencies. Under this scheme, customers can secure up to 6% interest on deposits made in United States Dollars (USD), 4.75% for British Pound Sterling (GBP) and Australian Dollar (AUD), 5.15% for Canadian Dollars (CAD), and 3.75% for Euros.

Beena Vaheed, Executive Director at Bank of Baroda, stated, “The RBI’s recent measures have fostered an environment for banks to enhance their FCNR (B) offerings to the NRI community. This initiative is a well-calibrated approach aimed at bolstering FCNR (B) deposit collections as well as fortifying the Indian Rupee.”

According to the bank, the RBI's new measures are expected to provide substantial support to India's external sector and increase foreign exchange reserves, thereby contributing to the overall stability of the country’s economy. This is particularly timely amid current global economic challenges.

The new scheme signifies Bank of Baroda's strategic positioning as an international bank with a considerable presence across various countries, facilitating the mobilisation of FCNR (B) deposits. Financial analysts view this development as a positive signal for NRI investors who are increasingly looking towards robust investment options amidst fluctuating global market conditions.