The RBI has introduced a special window that allows banks to offer significantly higher rates on fresh FCNR (B) deposits. As a result, several banks are offering around 6% interest on US dollar deposits, while some smaller banks are offering more than 7%. If you are an NRI looking for fixed-income opportunities, this is one of the most attractive dollar deposit options in years. A Foreign Currency Non-Resident (FCNR) deposit allows NRIs to keep money in foreign currency with an Indian bank. Unlike NRE fixed deposits, the money is not converted into rupees. Both the principal and interest remain in the original currency, helping investors avoid exchange-rate fluctuations during the deposit tenure.