indicanews

The Reserve Bank of India (RBI) has introduced a limited-time incentive designed to attract foreign currency deposits from Non-Resident Indians (NRIs). The initiative enhances the attractiveness of Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits by enabling banks to offer significantly higher U.S. dollar interest rates while preserving one of the product's most compelling features elimination of exchange rate risk. The window for such deposits runs until September 30, 2026.