RBI Special Window · Closes Sept 30, 2026

Earn 5.5–7% tax-free on USD with FCNR deposits, before the window closes.

RBI opened a special swap facility and lifted the rate ceiling on FCNR(B) deposits in June 2026. NRIs can now lock 3–5 year USD deposits at record rates — fully repatriable, tax-free in India, backed by RBI-regulated banks. HNI leveraged tier goes to up to 13.8% p.a.

Window closes in
39d05h33m32s

40

days until Sept 30

13.8%

peak leveraged yield

0%

Indian tax on interest

100%

repatriable to your home currency

The RBI change everyone's talking about

Two June 2026 moves opened a 4-month window

The RBI wanted to attract foreign capital and defend the rupee. NRIs are the biggest structural pool of USD willing to hold India-denominated exposure. Two circulars did the heavy lifting.

June 8, 2026

Swap facility

RBI opens a concessional USD → INR swap window

For fresh FCNR(B) deposits with 3–5 year tenures. Slashes banks' hedging cost, so banks can pass higher rates through to NRIs. Applies to deposits booked or renewed by Sept 30, 2026.

June 17, 2026

Ceiling removed

Interest-rate ceiling temporarily lifted

Banks are now free to price FCNR(B) and NRE deposits above the old spread caps — with effect through September 30, 2026. Fresh USD FCNR deposits are quoting 5.5–7% p.a. depending on bank and tenor.

Tax-free in India

Section 10(15)(iv)(fa). No TDS. Interest untouched by Indian tax.

Fully repatriable

Principal + interest return in your original currency, no conversion loss.

Held in USD (or 5 more)

USD, GBP, EUR, JPY, AUD, CAD. No rupee-depreciation risk on your capital.

RBI-regulated banks

Deposits sit with tier-1 Indian banks — Axis, HDFC, ICICI, Kotak, SBI.

Free · no email required

FCNR or NRE? One number decides it

NRE pays a higher headline rate, but it pays it in rupees. Enter the two rates your bank quoted and the calculator returns the annual rupee depreciation at which both deposits hand back the same dollars.

Run the comparison

Standard FCNR — retail path

Current USD FCNR rates by bank

Indicative · rates change weekly · confirmed at booking

Bank3 yr4 yr5 yrNote
Axis Bank6.00%6.00%6.00%Semi-annual compounding
HDFC Bank6.15%6.15%6.15%—
ICICI Bank6.05%6.05%6.05%—
Kotak Bank6.35%6.35%6.35%Best-in-class
SBI5.80%5.80%5.80%—

Indicative rates as of the June 2026 RBI window. Bank rates change weekly and final booking rate is confirmed with the bank at deposit time. WiseNRI does not accept deposits — we connect you to the bank, and the bank contracts with you directly.

Pick your tier

Three ways to play the window

Retail

Minimum

USD 10K

5.5–7% tax-free straight FCNR

Affluent

Minimum

USD 100K

Up to 10% via 5x leverage

HNI

Minimum

USD 1M+

Up to 13.8% via 9x leverage

HNI Playbook

Leveraged FCNR — up to 13.8% p.a.

Same FCNR product, amplified. You deposit your own USD, the bank lends you 5–9x more against it at a rate lower than the FCNR yield. The whole pool earns 6% p.a. Difference = your leveraged yield.

1

You bring

USD 1 M

Own capital, wired to a partner NRI bank

2

Bank lends

USD 9 M

USD loan against the FCNR at ≈5.4–5.5% p.a.

3

FCNR deposit

USD 10 M

Earns 6% p.a., compounded semi-annually, tax-free

4

Net at 3 yrs

≈12% p.a.

USD ~364K net over your USD 1M capital — up to 13.8% at 5-yr tenor

Loan rate is locked for the full tenure — the bank absorbs the swap-cost risk, not you. Your only exposure is the tier-1 Indian bank holding your deposit.

How WiseNRI helps

From quote to booked deposit in under 10 days

01

Match your tier to the right bank

Ticket size, currency, and residency map to different partner banks. We pick the one with the best rate for your slot — Axis, HDFC, ICICI, Kotak, or SBI.

02

Direct banker introduction

WiseNRI hands you the private banker's number and copies you on the intro email. KYC + deposit happens with the bank directly — WiseNRI never holds your funds.

03

Tax + repatriation cover

Our tax desk handles the annual reporting in your country of residence (US 1040 Sch B, FBAR/8938, UK SA106, etc.). Repatriation help at maturity is included.

Partner banks

Axis Bank
HDFC Bank
ICICI Bank
Kotak
SBI

Common questions

The questions NRIs ask us most

40 days left

Lock your FCNR rate before the RBI window closes.

Book by September 30, 2026 to secure the elevated rate for the full 3–5 year tenure. WiseNRI matches you to the bank, walks you through KYC, and covers the annual tax reporting.

Disclaimer

WiseNRI is a facilitator — we connect NRIs with RBI-regulated banks. We do not accept deposits or provide investment advice. Rates shown are indicative and confirmed with the bank at booking. FCNR interest is tax-free in India but may be taxable in your country of residence — please consult a tax advisor. Leveraged FCNR is a private-banker product and carries loan-repayment risk if you exit before maturity. Read the bank's terms carefully before signing.

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