PNB, Ujjivan raise FCNR deposit rates

Business 13 Jun, 2026

PNB, Ujjivan raise FCNR deposit rates

Business To Business, Mumbai, 13^th June, 2026: Punjab National Bank (PNB) on Friday announced higher interest rates on its Foreign Currency Non-Resident (Bank) [FCNR(B)] US dollar deposits, aiming to provide Non-Resident Indians (NRIs) with attractive returns on their overseas earnings while protecting them from foreign exchange risk.
Revised FCNR(B) USD Deposit Rates
Under the special FCNR(B) deposit scheme, PNB is offering:

Tenure	Interest Rate
3–4 years	6.00%
4–5 years	6.05%
5 years	6.10%

An FCNR(B) account allows NRIs to maintain fixed deposits in foreign currencies such as the US dollar.
Key features include:

Deposits maintained in foreign currency.
Protection against exchange-rate fluctuations between the deposit currency and the Indian rupee.
Principal and interest are repayable in the same foreign currency.
Freely repatriable funds.

This makes FCNR(B) deposits particularly attractive for NRIs who earn and save in foreign currencies but wish to park funds with Indian banks.
The higher rates may appeal to NRIs seeking:

Stable dollar-denominated returns.
Protection from rupee volatility.
Diversification of savings.
Competitive fixed-income opportunities.

For example, a USD-denominated FCNR(B) deposit held for five years would earn interest at 6.10% per annum, allowing investors to benefit from a fixed return without taking currency conversion risk into Indian rupees during the tenure of the deposit.
Indian banks have increasingly been offering attractive rates on FCNR(B) deposits to attract overseas funds from the Indian diaspora. Such deposits help banks strengthen their foreign currency resources while providing NRIs with secure investment avenues.
PNB's revised rates place its FCNR(B) offerings among the more competitive dollar-denominated deposit options currently available to NRIs looking for fixed-income investments through Indian banks.

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PNB, Ujjivan raise FCNR deposit rates

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PNB, Ujjivan raise FCNR deposit rates

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