Highest FCNR (B) FD interest rates for NRIs: PNB offers 6.50%, compare SBI, HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank rates

Ever since the government has announced that it would cover the hedging costs on FCNR (B) deposits of three to five years until September 30, 2026, Foreign Currency Non-Resident (Bank), or FCNR(B), fixed deposits have become a popular investment for many Non-Resident Indians (NRIs).

Here's a comparison of the highest USD FCNR (B) deposit rates offered by the leading banks such as State Bank of India (SBI), HDFC Bank, ICICI Bank, Punjab National Bank (PNB), Kotak Mahindra Bank and Axis Bank.

HDFC Bank is offering its highest FCNR (B) interest rate on FDs of 3 to 5 years. The bank has increased deposit rates by 25 basis points, from 6% to 6.25%, on tenures of 3 years to 5 years effective August 1, 2026.

ICICI Bank is offering its highest FCNR (B) deposit rate of 6.25% on tenures of 3 years to 5 years. The rate is available for deposits above USD 4 million. For deposits below USD 4 million, the rate is 6%. These rates are effective from August 4, 2026.

On its 5-year FCNR (B) deposits of above USD one million, State Bank of India is offering its highest interest rate of 6%. The rate is 5.75% on deposits up to USD one million of the same tenure.

Punjab National Bank (PNB) offers its highest FCNR (B) deposit rate of 6.50% on its 5-year deposit of less than USD one million. The rate is effective from August 1, 2026.

Axis Bank offers its highest FCNR (B) deposit rate of 6.25% on tenures of 3 to 5 years. The rate is effective from August 7, 2026.

Kotak Mahindra Bank is offering its highest FCNR (B) deposit rate of 6.30% on its 5-year deposit of above USD 0.5 million. The rate is effective from August 1, 2026.