Revised FCNR interest rates up to 7.13%: PNB, ICICI Bank, Axis Bank and others revise rates

Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and Persons of Indian Origin (POIs) looking to earn higher returns on their foreign currency deposits may find new opportunities as several banks have increased interest rates of their Foreign Currency Non-Resident (Bank) FCNR(B) deposits.

Several banks such as Punjab National Bank (PNB), HDFC Bank, ICICI Bank, Axis Bank, AU Small Finance Bank have increased their FCNR(B) deposits on select tenures after the Reserve Bank of India (RBI) announced that the government would cover the hedging costs for new 3 to 5-year FCNR(B) deposits until September 30, 2026.

What is an FCNR(B) account?

An FCNR(B) account allows NRIs, OCIs and POIs to maintain fixed deposits in foreign currencies, offering tax-free interest, easy repatriation of funds and protection against exchange rate fluctuations.

Public and private sector banks offer FCNR(B) in currencies such as USD, GBP, EUR, AUD, CAD and JPY.
In this write-up, we will take you through revised $US FCNR(B) interest rates from prominent banks and small finance banks.

Revised Axis Bank FCNR(B) interest rates

After the rate revision, Axis Bank is offering its highest interest rate of 6% in 3 to 5 years FCNR(B) schemes. The increased rates are applicable from June 11, 2026.

Maturity Period	USD (Below 1 million)	USD (1 million & above)
1 year < 2 years	4.00%	4.00%
2 years < 3 years	3.50%	3.50%
3 years < 4 years	6.00%	6.00%
4 years < 5 years	6.00%	6.00%
5 years	6.00%	6.00%

Revised Punjab National Bank (PNB) FCNR(B) interest rates

Punjab National Bank is offering its highest FCNR(B) interest rate of 6.1% on its 5-year tenure. The bank was earlier paying an interest of 3.05% in the same scheme. In its 4 years to less than 5 year FCNR(B) deposits, the bank has increased the rate from 2.95% to 6.05%. The increased rates are applicable from June 11, 2026

FCNR Deposit w.e.f. 11.06.2026
Period		1 yrs < 2 yrs		2 yrs < 3 yrs		3 yrs < 4 yrs		4 yrs < 5 yrs		5 Yrs. only
S.No.	Currency	Existing	Revised	Existing	Revised	Existing	Revised	Existing	Revised	Existing	Revised
		01.06.2026	11.06.2026	01.06.2026	11.06.2026	01.06.2026	11.06.2026	01.06.2026	11.06.2026	01.06.2026	11.06.2026
1	USD*	4.99	4.99	3.47	3.47	3.24	6	2.95	6.05	3.05	6.1

Revised ICICI Bank FCNR(B) interest rates

After the revision, ICICI Bank is offering its highest interest rate of 6% on tenures of equal to or higher than 36 months to up to 60 60 months. The increased rates are applicable from June 11, 2026

Tenure	USD
12 months to < 24 months	3.85%
>= 24 months to < 36 months	3.85%
>= 36 months to < 48 months	6.00%
>= 48 months to < 60 months	6.00%
60 Months	6.00%

Equitas Small Finance Bank FCNR(B) interest rates

Equitas Small Finance Bank is offering its highest FCNR(B) interest rate of 7.13% on tenures of equal to higher than 36 months to up to 60 months. The increased rates are applicable from June 11, 2026

Tenure	Less than USD 500,000	USD 500,000 and above
12 months to ≤ 18 months	5.10% p.a.	5.15% p.a.
> 18 months to < 36 months	4.55% p.a.	4.55% p.a.
≥ 36 months to < 48 months	7.13% p.a.	7.13% p.a.
≥ 48 months to ≤ 60 months	7.13% p.a.	7.13% p.a.

AU Small Finance Bank revises FCNR(B) interest rates

AU Small Finance Bank (AU SFB) is offering its highest FCNR(B) interest rate of 7.10% in 3 years to less than 4 years of scheme. Earlier, it was offering a 5.15% interest rate on the same scheme. New FCNR(B) interest rates are applicable from June 10, 2026.

Tenure/ Currency	< USD 500,000	>= USD 500,000
1 Yr to < 2 Yrs	5.10%	5.15%
2 Yrs to < 3 Yrs	4.55%	4.55%
3 Yrs to < 4 Yrs	7.10%	7.10%
4 Yrs to < 5 Yrs	7.00%	7.00%
5 Yrs	7.00%	7.00%

Note: All rates have been taken from respective banks’ websites as of 12:36 pm, June 12, 2026.