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Federal Bank targets over $1 billion in FCNR deposits after RBI lifts rate caps until September 30, 2026

The Reserve Bank of India has temporarily removed the interest-rate ceiling on fresh FCNR deposits until September 30, 2026, aiming to boost foreign-currency inflows and banking-system liquidity. Federal Bank expects it can attract more than $1 billion in FCNR deposits from non-resident Indians and has rolled out a 6.25% US dollar fixed-deposit offering. The bank said it is bullish on gold loans because of low credit costs and limited capital requirements. The shift is being read as a liquidity and policy signal that provides indirect support for gold.
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