Equitas SFB hikes US Dollar FCNR(B) deposit rates to 7.13% p.a.
Equitas Small Finance Bank has increased its FCNR(B) deposit rates for US Dollars to 7.13% p.a. for 3-5 year tenures. This follows the RBI's special FCNR(B) swap facility to encourage NRI fund inflows. The bank also offers NRO/NRE Fixed Deposits at 7.75% p.a. and Recurring Deposits at 7.10% p.a.
The increase in deposit rates could lead to higher funding costs for the bank, but it also aims to attract more NRI deposits, which is a significant source of funding. The impact is moderate as it's a specific product offering.
The bank has increased interest rates on deposits, which is generally positive for attracting funds and beneficial for customers.
Equitas Small Finance Bank Limited has announced an upward revision of its FCNR (B) deposit rates for Non-Resident Indians (NRIs). Effective June 18, 2026, NRIs can now earn a higher interest rate of 7.13% per annum on US Dollar FCNR (B) deposits for tenures ranging from 3 to 5 years. This move follows the Reserve Bank of India's special FCNR (B) swap facility aimed at encouraging NRI fund inflows.
The FCNR (B) Deposit offers NRIs competitive returns, tax-free interest earnings in India, and full repatriability of principal and interest, while also providing capital protection and insulation from forex fluctuations. The deposit has a one-year lock-in period, with premature withdrawals permitted only after one year as per bank norms.
Murali Vaidyanathan, Country Head - Liabilities at Equitas Small Finance Bank Limited, commented that the RBI's initiative strengthens the appeal of FCNR (B) deposits, and with the new rate, Equitas is well-positioned to offer NRIs a compelling combination of return, stability, and flexibility.
For NRIs preferring rupee-dominated investments, Equitas offers NRO and NRE Fixed Deposits at 7.75% p.a. for 888 days and Recurring Deposits at 7.10% p.a. for 12 to 15 months.
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Equitas Small Finance Bank Limited filed this with the NSE as a statutory disclosure, categorised under debt fundraising. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Equitas Small Finance Bank Limited. Read the original for the full detail.