In a significant development in the banking sector, Ujjivan Small Finance Bank has increased its FCNR(B) deposit rates up to 7.13% per annum, aiming to further strengthen its NRI-focused banking offerings.
The move comes in line with recent policy efforts by the Reserve Bank of India (RBI) to encourage higher foreign currency inflows and reinforce India’s external sector stability. The initiative is expected to attract greater participation from Non-Resident Indians (NRIs), offering them a secure and rewarding investment avenue in India.
Commenting on the development, Hitendra Jha, Head – Retail Liabilities, TASC and TPP, stated that the RBI’s measure strengthens confidence in India’s financial system and provides NRIs with a compelling opportunity to participate in India’s growth journey. He further added that the bank remains committed to delivering innovative, customer-centric solutions that create long-term value.
Ujjivan SFB is currently offering competitive interest rates on USD FCNR(B) deposits for tenures ranging from 3 to 5 years, positioning itself among the more attractive options in the industry.
Overall, the enhanced FCNR(B) framework is expected to support foreign exchange reserves while reinforcing India’s position as a preferred global investment destination.
