Banks raise FCNR(B) deposit rates to 7.13% after RBI relaxes cap

Punjab National Bank, Bandhan Bank, South Indian Bank and Equitas Small Finance Bank have raised interest rates on Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits, offering returns between 6.5% and 7.13%. The move follows RBI's temporary removal of the interest-rate cap on select FCNR(B) deposits. It is aimed at boosting foreign currency inflows into the banking system.