IDBI Bank Rolls Out USD Deposit Scheme with Enhanced Rates for NRI Investors

IDBI Bank has unveiled a fresh foreign currency investment vehicle designed specifically for non-resident Indian customers looking to grow their overseas holdings with enhanced earning potential.

The FCNR(B) Special Opportunity Deposit scheme, denominated in US dollars, became available on June 11, 2026, and will remain open until September 30, 2026. The promotional interest rates are structured to reward both deposit size and investment duration.

Rate Structure

The bank is offering tiered pricing based on investment amount and maturity period. For deposits ranging from three to under four years, rates span from 6.00% on amounts up to USD 1 million, rising to 6.05% for USD 1-5 million holdings, and reaching 6.10% for balances exceeding USD 5 million.

The four-to-under-five-year bracket carries rates of 6.05%, 6.10%, and 6.15% respectively across the same deposit tiers. Five-year fixed deposits command the highest returns at 6.10%, 6.15%, and 6.20% depending on the investment quantum.

Investment Advantages

The scheme provides several protections and benefits for participating NRIs. Both the principal amount and accrued interest can be fully repatriated, ensuring unrestricted access to funds. Since deposits remain denominated in US dollars throughout the tenure, investors are shielded from Indian rupee volatility.

Interest income generated through the scheme qualifies for tax exemption in India under existing regulatory frameworks. Depositors must commit to a minimum lock-in period of one year before accessing their funds.