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RBI Forex Swap for NRIs: What It Means for FCNR Deposits
Key Takeaways
RBI’s special forex swap window allows banks to offer higher returns on fresh FCNR (B) USD deposits until 30 September 2026.
- FCNR (B) deposits help NRIs earn in foreign currency while protecting savings from rupee depreciation risk.
- FCNR Plus offers an opportunity to earn up to 6.75% p.a. on eligible USD deposits with a 3–5 year tenure.
As a Non-Resident Indian, a Foreign Currency Non-Resident or FCNR (B) has been a convenient option to park your foreign income in India, while avoiding exchange rate risk. A recent RBI announcement has brought a renewed meaning to earning returns from this NRI FCNR (B) Deposit Account.
What is the RBI's new scheme?
The RBI introduced a special US Dollar-Rupee forex swap scheme on 8th June 2026 to enable banks to mobilise fresh FCNR (B) deposits without hedging risk.
With RBI taking on the currency risk, banks can offer higher returns on dollar deposits made in an FCNR (B) Account with a tenure ranging between 3 and 5 years and a lock-in period of 1 year before withdrawal flexibility. The scheme is valid for fresh deposits, until 30th September 2026.
How FCNR deposits work
An FCNR (B) deposit is an Foreign Currency deposit account where you can deposit your foreign income in the original currency, which prevents the currency exchange risk. The commonly accepted currencies by IDFC FIRST Bank include USD (US Dollar), EUR (Euro), GBP (British Pound), AUD (Australian Dollar), and SGD (Singapore Dollar). The principal and interest earned on it are fully repatriable, which helps you grow your foreign income while enjoying the flexibility to transfer savings to an overseas account.
FCNR Plus is a specially designed foreign currency deposit for NRIs as part of the RBI’s limited-period FCNR Swap Scheme. The deposit is only offered to manage your US Dollar earnings.
Now book your FCNR Plus digitally
As an existing IDFC FIRST Bank customer with an active NRE or NRO account, you can now open FCNR account online from the IDFC FIRST Bank mobile app, using your linked NRE savings account. Get started following these steps:
- Select "Create FCNR Plus FD" in the app under Deposits
- Enter the deposit amount in USD
- Choose your preferred tenure (3 years to 5 years) and plan
- Complete the funding using your NRE account
Note:
Deposits requested before 3:30 PM on working days are created on the same day.
FCNR Plus deposits are currently available in USD, with a minimum lock-in period of one year, and available until 30 September 2026 – an RBI limited period window.
Benefits of RBI forex swap to NRIs
FCNR (B) deposits become more attractive for NRIs than they usually are due to the following benefit of the RBI forex swap scheme:
Higher returns:
By reducing banks' hedging costs, the RBI has created the room for banks to offer a high interest on FCNR deposits. IDFC FIRST Bank launches the FCNR Plus deposits offering 6.75% p.a. on USD deposits for a tenure between 3 till 5 years.
Competitive earnings on dollar savings:
With the interest rates going up with the RBI swap scheme, earnings on FCNR (B) are favourable
A limited-time opportunity:
Opportunities of this nature are uncommon. The current swap window marks a time-sensitive opportunity with a deadline of 30th September 2026 for NRIs to earn higher returns on FCNR deposits.
Protection from rupee depreciation:
Since you deposit your foreign income without conversion, the value of your savings is not affected by the fluctuations affecting the Indian rupee.
Take the Next Step
With the RBI's forex swap, you can enjoy a high earning potential on your foreign earnings. Coupled with the ease of management, low currency exchange risk, and flexibility of repatriation that the FCNR (B) account offers, you can make a strategic choice to boost your portfolio returns. To leverage this RBI scheme, book an FCNR Plus deposit with IDFC FIRST Bank today, and benefit from the limited-time window!
Frequently Asked Questions
What is the RBI forex swap scheme for NRIs?
The RBI forex swap scheme allows banks to raise fresh FCNR (B) deposits with reduced hedging costs, enabling them to offer higher interest rates to NRIs.
How does an FCNR (B) deposit protect against currency risk?
An FCNR (B) deposit is maintained in a foreign currency, so your principal and interest are not affected by fluctuations in the Indian rupee.
Who can benefit from the FCNR Plus deposit?
NRIs with US Dollar earnings looking for higher returns, repatriation flexibility, and protection from rupee depreciation can benefit from FCNR Plus.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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