Karur Vysya Bank Raises FCNR Deposit Rates to 7.00% on USD Deposits

Karur Vysya Bank (KVB) has increased its interest rates on Foreign Currency Non-Resident (FCNR) deposits, offering Non-Resident Indians (NRIs) a higher return on their foreign currency savings. The bank is now offering 7.00% per annum on US Dollar (USD) FCNR deposits for tenures of three years and above, which is the highest rate on its FCNR ladder. These deposits allow NRIs to save in foreign currency for one to five years, mitigating rupee exchange risk. The revised rates are effective from June 10, 2026. Key benefits for NRIs include tax-efficient returns, no rupee exchange risk, and options for forward contracts, loans against deposits, and smooth account transitions. The bank aims to attract NRI investments with this attractive proposition.