Current Affairs - Banking - Discussion

Federal Bank launched the FCNR Max Deposit Scheme to meet the increasing demand for higher-yield foreign currency investments among Non-Resident Indians (NRIs). The scheme offers a fixed annual return of 6.25% on US dollar-denominated Foreign Currency Non-Resident (FCNR) deposits with tenures ranging from three to five years. It includes a mandatory one-year lock-in period, and premature withdrawals after that period attract a penalty. The initiative is aimed at strengthening the bank’s offshore liability franchise. Federal Bank supports global customers through representative offices in Dubai and Abu Dhabi and operates an IFSC Banking Unit at GIFT City.