Equitas Small Finance Bank Limited announced an upward revision of its FCNR(B) deposit rates through a press release dated June 18, 2026. The disclosure was submitted to both National Stock Exchange of India Limited and BSE Limited.
Key Announcement
The bank has increased its FCNR(B) deposit rates for US Dollar deposits to 7.13% per annum for tenures ranging from 3 to 5 years. This rate revision is specifically targeted at Non-Resident Indians (NRIs).
Deposit Features
- Interest Rate: 7.13% per annum on US Dollar FCNR(B) deposits
- Tenure: 3 to 5 years
- Lock-in Period: One year lock-in period
- Premature Withdrawals: Permitted only after one year as per bank norms
- Tax Treatment: Tax-free interest earnings in India
- Repatriability: Full repatriability of both principal and interest on maturity (subject to applicable regulations)
- Currency Protection: Depositors remain insulated from forex fluctuations by maintaining deposits in foreign currency
Additional NRI Deposit Products
For NRIs preferring rupee-denominated investment options, the bank offers:
- NRO and NRE Fixed Deposits: 7.75% per annum for 888 days tenure
- NRO and NRE Recurring Deposits: 7.10% per annum for 12 to 15 months tenure
Management Commentary
Murali Vaidyanathan, Country Head - Liabilities, commented on RBI's initiative: "NRIs today are increasingly looking for solutions that protect the value of their overseas earnings while insulating currency volatility along with assured returns is the best combo. Hedging has traditionally been an important cost in this space, RBI's recent regulation towards FCNR is a timely step that strengthens the appeal of FCNR (B) deposits. With our best-in-class 7.13% rate on USD FCNR (B) deposits, Equitas is well positioned to offer NRIs a compelling combination of return, stability and flexibility."