Bandhan Bank raises interest rates on FCNR (Bank) deposits to 7.1%

Bandhan Bank, a private-sector lender, has increased the interest rates on Foreign Currency Non-Resident (FCNR)(B) deposits. This decision comes after the Reserve Bank of India's introduction of a forex swap facility and the temporary removal of the interest rate ceiling on eligible deposits. The bank has announced that the new rates will be available for a limited period through its network of branches. The revised interest rate of 7.1% is expected to attract more deposits from non-resident Indians. The RBI's recent measures have created an opportunity for banks to revise their interest rates and attract more foreign currency deposits. Bandhan Bank's decision to raise interest rates on FCNR(B) deposits is seen as a strategic move to capitalize on the current market conditions. The bank's network of branches will offer the new interest rates, providing an opportunity for customers to take advantage of the revised rates. The limited-period offer is expected to be popular among non-resident Indians looking to deposit their foreign currency earnings. The revised interest rate is a significant increase and is expected to attract more deposits from customers. The bank's decision to raise interest rates on FCNR(B) deposits is a response to the changing market conditions and the RBI's recent measures. The move is expected to benefit both the bank and its customers, providing an opportunity for growth and investment.