HDFC, ICICI Bank raise FCNR deposit rates to 6.25%

HDFC Bank and ICICI Bank have raised interest rates on US dollar-denominated FCNR(B) deposits to 6.25% for three- to five-year tenures, effective August 1. The increase follows RBI measures aimed at boosting foreign currency inflows from NRIs. Earlier, both HDFC and ICICI Bank offered 6% on $FCNR deposits for the same tenure.