The Reserve Bank of India has introduced a new scheme for FCNR(B) deposits, offering higher interest rates for Non-Resident Indians (NRIs) via a concessional forex swap.
RBI Announces FCNR(B) Swap Scheme for NRIs
The Reserve Bank of India has launched a new scheme on June 8, 2026, aimed at enhancing interest rates for Non-Resident Indian (NRI) investors through FCNR(B) deposits. The scheme includes a concessional forex swap, applicable for deposits with tenures of 3 to 5 years.
This initiative is designed to attract NRI investments and bolster the forex reserves of the nation. By offering competitive returns, the RBI is positioning India as an attractive destination for overseas investments, reflecting a proactive approach to managing currency stability.
Legal and financial practitioners advising clients in international banking and finance should familiarize themselves with this scheme, as it may present lucrative opportunities for their NRI clients looking to invest in India.
Citations
- RBI SWAP Scheme Notification (2026) Volume SRC 101 Page 34