By Admin 
FCNR Deposits News: Three big government banks of the country have brought great news for their consumers. SBI, PNP and Bank of Baroda have made a big increase in FCNR (B) deposit interest rates. Under the new rates, customers will be able to get up to six percent interest on some deposit schemes. This increase has been made after the decisions taken by the Reserve Bank of India (RBI) to promote foreign exchange.
SBI’s new scheme
Actually, SBI has started a special scheme for its customers. Under FCNR (B), returns of up to 5.25 percent for a period of three to four years, 5.50 percent for four to five years and 5.75 percent for five years will be given on deposits up to $ 10 lakh. On deposits of more than $1 million, returns will be up to 6 percent for five years.
Gold and silver jewelery became expensive by 155% and tomatoes by 48%, inflation hit everywhere from kitchen to safe.
What is the scheme of Bank of Baroda
Bank of Baroda BOI has increased the return rates on its FCNR B deposit schemes. The bank has implemented new rates on the currencies of other dollar countries along with the US dollar. According to the information received, interest will be 6 percent on US dollar deposits, 5.51 percent on Canadian dollars and 4.75 percent on Canadian and Australian pounds. The bank believes that RBI has given some relaxation in the rules related to FCNR (B) deposits and foreign borrowings.
In such a situation, it is clear that after the increased rates, FCNR B deposit schemes are more popular than before. Especially for those who keep savings in foreign currency. Also, this is a golden opportunity to earn better returns.
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