Bank of Baroda launches new FCNR (B) Deposit Scheme for NRIs

New Delhi ( Pallavi Srivastava) : Bank of Baroda 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 from June 11, 2026. Under the scheme, the bank 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% on USD deposits, 4.75% on GBP and AUD deposits, 5.15% on CAD deposits and 3.75% on Euro deposits, a release from the bank said on Thursday.

Beena Vaheed, Executive Director of the bank said, “The RBI’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. 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 bank said.