First, some background. The entire NRI community is now aware of the high-interest-rate Foreign Currency Non-Resident deposit scheme enabled by the Reserve Bank of India. Many banks have raised interest rates on these deposits after the RBI decided to cover hedging costs for 3 to 5-year FCNR Bank accounts until September 30, 2026. Although a lot of details and clarification is awaited from RBI, I am writing this based on the circulated information. The key proposition is that you deposit X amount,…