Ujjivan Small Finance Bank Boosts NRI Banking with Competitive FCNR Rates

FCNR: Ujjivan Small Finance Bank (SFB) has announced a significant upward revision in its Foreign Currency Non-Resident (Bank)  FCNR(B)  deposit rates, now offering up to 7.13% p.a. on USD deposits. This strategic move aligns with the Reserve Bank of India’s (RBI) recent efforts to incentivize foreign currency inflows and bolster the nation’s external sector stability.

Strengthening India’s External Position:
The RBI’s recent policy measures are designed to enhance foreign exchange liquidity and encourage Non-Resident Indians (NRIs) to play a more active role in the domestic economy. By creating more attractive avenues for global savings, these initiatives aim to fortify the Indian financial system against global volatility and support long-term economic growth.

Mr. Hitendra Jha, Head – Retail Liabilities, TASC and TPP at Ujjivan Small Finance Bank, emphasized the importance of these measures:

“The RBI’s decision is a timely measure that reinforces confidence in India’s financial system and creates an attractive avenue for NRIs to participate in India’s growth story. The initiative is expected to channel stable foreign currency inflows into the banking system, supporting financial stability and strengthening India’s external position.”

Competitive Offerings for NRIs:
Ujjivan SFB has positioned itself as a leading player in the NRI banking space by offering some of the most competitive returns in the industry:

• Investment Product: USD FCNR(B) Deposits.
• Maximum Interest Rate: Up to 7.13% p.a.
• Tenure: 3 to 5 years.

A Commitment to Value-Driven Banking:
Beyond the interest rates, Ujjivan SFB characterizes this development as part of a broader commitment to customer-centric innovation. By providing a secure and rewarding investment vehicle, the bank aims to assist NRIs in wealth creation while contributing to the nation’s macroeconomic resilience.

As global investors continue to look toward India as a preferred destination for capital, moves like these by Ujjivan SFB serve to bridge the gap between global savings and local economic development, ensuring that India remains a robust participant in the international financial landscape.