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Business
PNB Offers Up to 6.5% on FCNR(B) FDs, Outpacing SBI, HDFC, ICICI
✍️ Business Standard
🗓 05 Aug 2026, 11:03 PM
👁 4
Punjab National Bank has announced a new FCNR(B) Fixed Deposit scheme with rates up to 6.5%, higher than the rates offered by State Bank of India, HDFC Bank and ICICI Bank.
Punjab National Bank (PNB) has introduced a new FCNR(B) Fixed Deposit (FD) scheme that offers interest rates as high as 6.5% per annum for the 1‑year tenure. The offer is part of PNB’s strategy to attract foreign currency deposits amid rising global interest rates.
In comparison, the State Bank of India (SBI) is offering 5.75% for the same tenure, while HDFC Bank and ICICI Bank are at 5.5% and 5.25% respectively. PNB’s rate is the highest among the major banks, potentially drawing more investors looking for better returns on foreign currency deposits.
The new FCNR(B) FD is available to Indian residents and non‑resident Indians (NRIs) who hold a valid PAN and a valid passport. Deposits can be made in US dollars, euros, or other major currencies, and the interest is paid in the currency of deposit.
PNB has highlighted that the offer is valid for a limited period and is subject to the bank’s standard terms and conditions. Customers are advised to check the bank’s website or contact their local branch for detailed eligibility and application procedures.
In comparison, the State Bank of India (SBI) is offering 5.75% for the same tenure, while HDFC Bank and ICICI Bank are at 5.5% and 5.25% respectively. PNB’s rate is the highest among the major banks, potentially drawing more investors looking for better returns on foreign currency deposits.
The new FCNR(B) FD is available to Indian residents and non‑resident Indians (NRIs) who hold a valid PAN and a valid passport. Deposits can be made in US dollars, euros, or other major currencies, and the interest is paid in the currency of deposit.
PNB has highlighted that the offer is valid for a limited period and is subject to the bank’s standard terms and conditions. Customers are advised to check the bank’s website or contact their local branch for detailed eligibility and application procedures.