Bank of Baroda Launches Special FCNR(B) Deposit Scheme with Higher Interest Rates for NRIs following RBI’s latest measures

Mumbai: Bank of Baroda (Bank), India’s International Bank, has launched a new Foreign Currency Non-Resident (FCNR (B)) Deposit Scheme offering higher interest rates for Non-Resident Indians (NRIs), in line with the recent measures announced by the Reserve Bank of India to encourage foreign currency inflows into the country. The new scheme is applicable with effect from June 11, 2026.

Under the new FCNR (B) Deposit Scheme, Bank of Baroda is offering higher interest rates for deposits in the 3 to 5 year maturity bucket across major foreign currencies including the US Dollar (USD), British Pound Sterling (GBP), Euro, Australian Dollar (AUD) and Canadian Dollar (CAD). Customers can now earn up to 6.00% on USD deposits, 4.75% on GBP and AUD deposits, 5.15% on CAD deposits and 3.75% on Euro deposits.

Smt. Beena Vaheed, Executive Director, 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.”

RBI’s measures to encourage foreign currency inflows are expected to strengthen the country's external sector and augment foreign exchange reserves, contributing to overall macroeconomic stability. The special FCNR(B) deposit scheme will also enable the Bank to access foreign currency funding at competitive costs, supporting business growth and meeting the financing needs of the Indian economy.