AU Small Finance Bank introduces competitive FCNR (B) deposit rates, offering up to 6.30% for NRIs

AU Small Finance Bank’s FCNR (B) deposits offer a reliable solution for NRIs to grow their savings in India while maintaining financial stability across multiple currencies

PRAVASISAMWAD.COM

AU Small Finance Bank (AU SFB) has announced attractive interest rates for Non-Resident Indians (NRIs) on Foreign Currency Non-Resident (FCNR) [B] deposits. The bank is offering up to 6.30% per annum on US dollar (USD) deposits for tenures ranging from 1 year to less than 2 years. In addition to USD, NRIs can benefit from competitive interest rates on deposits in British pounds (GBP), euros (EUR), and Canadian dollars (CAD).

With these enhanced offerings, AU SFB enables NRIs to maintain their savings in India in foreign currencies while earning lucrative returns. This scheme ensures that NRIs can capitalize on their savings without converting their funds to Indian rupees, thereby minimizing currency risk.

The current interest rates for FCNR (B) deposits by AU Small Finance Bank are as follows:

For Tenures of 1 Year to Less Than 2 Years:

• USD: 6.30%
• GBP: 5.85%
• EUR: 4.30%
• CAD: 5.00%

For Tenures of 2 Years to Less Than 3 Years:

• USD: 5.25%
• GBP: 5.00%
• EUR: 3.25%
• CAD: 4.60%

For Tenures of 3 Years to Less Than 4 Years:

• USD: 4.75%
• GBP: 4.25%
• EUR: 2.55%
• CAD: 3.85%

For Tenures of 4 Years to Less Than 5 Years:

• USD: 4.55%
• GBP: 3.85%
• EUR: 2.00%
• CAD: 3.30%

For 5-Year Tenures:

• USD: 4.15%
• GBP: 3.55%
• EUR: 2.00%
• CAD: 3.00%

Key Benefits for NRIs:

• Tax-Free Interest: Interest earned on FCNR (B) deposits is exempt from Indian income tax, making it an attractive option for NRIs seeking tax efficiency.
• Easy Repatriation: NRIs can easily repatriate their deposits, including the principal and interest, in the foreign currency of the account, providing flexibility in managing their finances.
• Joint Account Facility: NRIs can open FCNR (B) accounts jointly with other NRIs, offering greater convenience for family members abroad.

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