Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) looking for a fixed-income investment option in India may want to check FCNR(B) fixed deposits.
FCNR(B), or Foreign Currency Non-Resident (Bank) deposits, allow eligible customers to keep their deposits in a foreign currency.
Several Indian banks offer these deposits with different interest rates and tenures.
Some banks have recently revised their FCNR(B) rates.
Among the banks listed below, IDFC FIRST Bank is offering the highest USD FCNR(B) interest rate of 6.75% for deposits with a tenure of 3 to 5 years.
Here is a look at the highest rates offered by major banks.
HDFC Bank, ICICI Bank and SBI FCNR(B) Rates
HDFC Bank: The bank is offering its highest USD FCNR(B) rate of 6.25% on deposits with a tenure of 3 to 5 years. These rates are effective from August 1, 2026.
ICICI Bank: ICICI Bank is also offering 6.25% on FCNR(B) deposits for 3 to 5 years.
The rates are effective from August 4, 2026.
State Bank of India (SBI): SBI is offering 5.75% on 5-year deposits for amounts up to USD 1 million.
For deposits above USD 1 million, the rate is 6%.
Punjab National Bank (PNB): PNB is offering its highest rate of 6.50% on a 5-year FCNR(B) deposit.
The rate is effective from August 1, 2026.
Axis Bank, IDFC FIRST Bank and Other Top Rates
Axis Bank: The bank offers a maximum FCNR(B) rate of 6% for deposits with a tenure of 3 to 5 years.
The rate is effective from August 3, 2026.
IDFC FIRST Bank: It currently offers the highest rate among the banks in this list, at 6.75% for deposits with a tenure of 3 to 5 years.
The rate is effective from June 16, 2026.
Bank of Baroda: The bank offers 6.50% on FCNR(B) deposits for 4 to 5 years. T
he rate is effective from July 13, 2026.
Indian Bank: Indian Bank offers 6.50% on 5-year FCNR(B) deposits for amounts up to USD 1 million.
The rate is effective from July 13, 2026.
Indian Overseas Bank: The bank offers 6.50% for FCNR(B) deposits with a tenure of 3 to 5 years.
The rate is effective from June 15, 2026.
Canara Bank: Canara Bank offers different rates for 3, 4 and 5-year FCNR(B) deposits.
The rates are 5.70% for 3 years, 5.75% for 4 years and 5.80% for 5 years.
Which Bank Offers the Highest FCNR(B) Rate?
Based on the rates listed above, IDFC FIRST Bank offers the highest rate of 6.75% for USD FCNR(B) deposits with a 3-to-5-year tenure.
PNB, Bank of Baroda, Indian Bank and Indian Overseas Bank are offering rates of up to 6.50%, while HDFC Bank and ICICI Bank are offering up to 6.25%.
However, interest rates can change, and FCNR(B) rates may also vary based on the deposit amount, currency and tenure.
NRIs and OCIs should check the latest rates and applicable terms with the respective bank before booking an FD.
