Good news for those earning abroad! HDFC and ICICI Bank have raised interest rates on FDs..

There is excellent news for Indians working abroad. Two of the country's major private banks—HDFC and ICICI—have raised interest rates on Fixed Deposits (FDs) for Non-Resident Indians (NRIs). This hike specifically applies to Foreign Currency Non-Resident (FCNR) deposits. This essentially means that NRIs can now earn higher, tax-free returns by keeping their foreign earnings in Indian banks. The best part is that there is no risk associated with currency exchange rate fluctuations between the dollar and the rupee.

**The Real Reason Behind the Rate Hike**