Banks Raise FCNR(B) Deposit Rates After Government Announcement

Banks in India are now offering better interest rates on special savings accounts called FCNR(B) deposits.

These accounts are for people who live outside India but want to save money in foreign currencies like US dollars, British pounds, or euros.

The Indian government is helping by covering the cost of protecting these savings from currency changes until 2026.

This makes these accounts more appealing because the money is safe from rupee fluctuations, and the interest earned is not taxed in India.

People who might want to use these accounts include Indians living abroad who want to save in their own currency and get fixed returns.