Equitas SFB Hikes USD FCNR(B) Deposit Rate to 7.13%

Equitas Small Finance Bank has increased its FCNR (B) deposit rates for US Dollars to 7.13% per annum for tenures of 3-5 years. This move is in response to the Reserve Bank of India's special FCNR (B) swap facility aimed at boosting NRI fund inflows. The bank highlights that these deposits offer NRIs competitive returns, tax-free interest in India, full repatriability, and protection from forex fluctuations, with a one-year lock-in period. This strategic revision aims to attract NRI investments amidst global interest rate volatility.