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Bank of India Plans $1B Global Fundraise
10 Aug
Summary
- Bank of India plans to raise up to $1 billion via MTN issuance.
- The bank is targeting USD bonds with tenors of 3 to 5 years.
- Interest rates for FCNR-B deposits range from 6.00% to 6.50%.
Bank of India (BoI) has announced plans to raise up to $1 billion in foreign currency through a Medium-Term Note (MTN) Programme. This initiative, scheduled to be considered by the Board of Directors on August 14, 2026, aims to tap into a growing demand from Non-Resident Indians seeking leverage facilities for FCNR-B deposits.
The public sector bank is looking to issue 3- to 5-year USD bonds in multiple tranches, with the fundraising expected to conclude by the end of December 2026. These issuances will be managed through BoI's branch in GIFT City, Gujarat. This effort follows a successful mobilization of $207.46 million in FCNR-B deposits between June 5, 2026, and July 30, 2026.
BoI is currently offering attractive interest rates on these FCNR-B deposits, with rates varying between 6.00% to 6.25% for deposits under $100,000 and 6.25% to 6.50% for deposits of $100,000 and above, depending on the chosen tenor. Earlier in FY26, the bank had already raised significant capital through Tier II and Long Term Infrastructure Bonds.
