VERIFIEDET Finance·19 Jun 2026neutral

South Indian Bank raises FCNR deposit rate to 6.5 pc after RBI swap window

AI Summary

·South Indian Bank has increased its FCNR deposit interest rate for US dollar deposits to 6.5% per annum for 3-5 year tenures.
·This rate hike is in response to the RBI's new USD/INR forex swap facility.
·The RBI's swap facility, aimed at helping banks manage exchange risks and secure foreign currency, is available until September 2026.