Stack of US dollar bills in a bank setting
IDBI Bank has launched a new Foreign Currency Non-Resident (Bank) or FCNR(B) deposit scheme, the FCNR(B) Special Opportunity Deposit with Structured Loan Facility. This initiative aims to attract foreign currency deposits by offering competitive interest rates and a unique borrowing option.
The scheme provides customers with the opportunity to earn indicative effective annual returns of up to 16.2%, with the final yield dependent on the investment size and tenure. Notably, the bank is offering dollar deposit rates as high as 6.60% for deposits exceeding $5 million, with maturities ranging from three to five years.
Beyond attractive returns, the FCNR(B) Special Opportunity Deposit comes with a structured loan facility. This allows depositors to borrow up to 12 times their deposit amount, providing liquidity and leveraging opportunities for customers while their funds remain invested and earning interest.
This move by IDBI Bank signals a strategy to bolster its foreign currency deposit base and cater to the financial needs of Non-Resident Indians (NRIs) and other eligible customers seeking higher yields and flexible financial instruments.
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