AU Small Finance Bank hikes FCNR and NRE deposit interest rates
AU Small Finance Bank has increased interest rates for FCNR (B) and NRE Fixed Deposits to attract more non-resident savings and investments.
Updated FCNR (B) Deposit Rates
The bank has implemented an upward revision for Foreign Currency Non-Resident (FCNR) (B) deposits. The peak interest rate for tenures ranging between 3 to 4 years has risen from 7.10% per annum to 7.40% per annum.
Under this revised structure, interest payments for FCNR (B) deposits are scheduled to be paid out on a semi-annual basis to depositors.
Revised NRE Fixed Deposit Returns
Changes have also been applied to Non-Resident External (NRE) Fixed Deposits. The bank has adjusted the peak interest rate for specific long-term tenures to provide higher returns for overseas clients.
For deposit durations spanning from 36 Months 1 Day to 45 Months, the peak rate has been increased from 7.00% per annum to 7.60% per annum.
Summary of Rate Changes
- FCNR (B) Deposits (3-4 years): Increased from 7.10% to 7.40% p.a.
- NRE Fixed Deposits (36m 1d - 45m): Increased from 7.00% to 7.60% p.a.
- FCNR (B) Payout Frequency: Semi-annually
These adjustments represent the latest movement in the bank's interest rate offerings for non-resident Indian (NRI) banking products, targeting specific maturity buckets to optimise deposit growth.
