After a fixed tenure (period of time), interest will be paid upon maturity of the time deposit. New to foreign currency fixed deposits? Quick Intro:Ī Foreign Currency Fixed Deposit is a time deposit placed in foreign currency. If you are holding USD and have no plans for immediate use, you might want to consider putting the money into a Foreign Currency Fixed Deposit to lock in the attractive interest rates that the banks are offering now while interest rates remain high.
Some banks have held or increased their USD Fixed Deposit rates slightly, with some have dropped their longer term rates in anticipating of future rate adjustments. In the latest FOMC meeting on 1st November 2023, the US Federal Reserve decided to hold interest rates steady at a range of 5.25%-5.5% as the US economy remains strong and inflation remains at 3.7%.
