Union Bank FCNR Deposit Rates Raised to 6.60% for NRI Customers

Mumbai | June 23, 2026: Union Bank of India has announced an increase in interest rates under its Union Bank FCNR Deposit scheme. The revised rates came into effect on June 23, 2026, and aim to provide higher returns to Non-Resident Indian (NRI) customers.

The move follows the Reserve Bank of India’s notification regarding the USD-INR Swap Facility for FCNR (B) deposits. As a result, banks can mobilize fresh FCNR (B) deposits, including renewals, with maturities ranging from three to five years.

Higher Returns Under UBI Unique FCNR (B) Deposit Scheme

The revised rates apply to the UBI Unique FCNR (B) Deposit Scheme. Through this revision, Union Bank seeks to strengthen its deposit offerings for the Indian diaspora.

Moreover, the new rates will apply to fresh deposits as well as eligible renewals at maturity.

Interest Rates for Deposits Below USD 1 Million

For FCNR (B) deposits below USD 1 million, Union Bank will offer the following rates:

Tenure-Wise Interest Rates

• 3 years to less than 4 years: 6.10% per annum
• 4 years to less than 5 years: 6.25% per annum
• 5 years: 6.45% per annum

These rates provide attractive returns for NRIs looking for long-term foreign currency investments.

Revised Rates for Deposits of USD 1 Million and Above

Union Bank has also increased rates for high-value deposits.

Interest Rates for Large Deposits

FCNR (B) Deposits of USD 1 Million and Above

• 3 years to less than 4 years: 6.20% per annum
• 4 years to less than 5 years: 6.40% per annum
• 5 years: 6.60% per annum

The highest rate of 6.60% per annum is available for deposits with a five-year tenure.

Key Features of the Union Bank FCNR Deposit Scheme

The Union Bank FCNR Deposit scheme offers several benefits to NRI customers.

Major Highlights

Attractive Interest Rates

Customers can earn up to 6.60% per annum on eligible deposits.

Long-Term Savings Option

The scheme encourages long-term savings through tenure options ranging from three to five years.

One-Year Lock-In Period

To promote stable deposits, the scheme includes a one-year lock-in period.

Fresh Deposits and Renewals Eligible

Both new FCNR (B) deposits and eligible renewed deposits qualify for the revised rates.

RBI Swap Facility Supports Deposit Growth

The RBI’s USD-INR Swap Facility has created favorable conditions for banks to attract foreign currency deposits. Consequently, several banks have revised their FCNR (B) rates to offer better value to NRI customers.

Union Bank’s latest revision reflects this trend and strengthens its position in the NRI banking segment.

What This Means for NRI Investors

The increase in Union Bank FCNR Deposit rates offers an opportunity for NRIs to earn higher returns while maintaining deposits in foreign currency. Furthermore, the scheme provides flexibility through multiple tenure options and competitive interest rates.

As global financial markets remain uncertain, attractive FCNR (B) deposit rates can help NRI customers diversify their savings and secure stable returns.

The revised Union Bank FCNR Deposit rates of up to 6.60% per annum demonstrate the bank’s commitment to delivering competitive investment solutions for its NRI customers. With improved returns and flexible tenures, the scheme is expected to attract strong interest from the Indian diaspora.

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