RbiSearchHeader

Press escape key to go back

Past Searches

Theme
Theme
Text Size
Text Size
S2

Notification Marquee

RBI Announcements
RBI Announcements

RbiAnnouncementWeb

RBI Announcements
RBI Announcements

Asset Publisher

79071602

Interest Rate on FCNR(B) Deposits

RBI/2008-09/288
RPCD.CO.RF.BC.No.66/ 07.38.01/2008-09 

November 17, 2008

The Managing Director
Maharashtra State Co-operative Bank Ltd.
9, Nagindas Master Road Extension, Fort
Mumbai-1

Dear Sir,

Interest Rate on FCNR(B) Deposits

Please refer to our circular RPCD.CO.RF.BC.No.50/07.38.01/2008-09 dated October 15, 2008 on Interest Rate on FCNR(B) Deposits. In view of prevailing market conditions, it has been decided that until further notice and with effect from close of business in India as on November 15, 2008, the interest rates on FCNR(B) Deposits will be as under:

In respect of FCNR(B) deposits of all maturities contracted effective from the close of business in India as on November 15, 2008, interest shall be paid within the ceiling rate of LIBOR / SWAP rates plus 100 basis points for the respective currency / corresponding maturities (as against LIBOR / SWAP rates plus 25 basis points effective from close of business on October 15, 2008). On floating rate deposits, interest shall be paid within the ceiling of SWAP rates for the respective currency / maturity plus 100 basis points. For floating rate deposits, the interest reset period shall be six months.

2. An amending Directive RPCD.CO.RF.BC.Dir.No.65/07.38.01/2008-09 dated November 17, 2008 is enclosed.


Yours faithfully,


(G. Srinivasan)
Chief General Manager-in-Charge


RPCD.CO.RF.BC. Dir.No.65/07.38.01/2008-09

November 17, 2008

Foreign Currency (Non-Resident) Accounts (Banks) Scheme

In exercise of the powers conferred by Section 35 A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), the Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest so to do, hereby directs the following:

Interest rates applicable to deposits accepted under Foreign Currency Non-Resident Accounts (Banks) Scheme

In respect of FCNR(B) deposits of all maturities contracted effective from the close of business in India as on November 15, 2008, interest shall be paid within the ceiling rate of LIBOR / SWAP rates plus 100 basis points for the respective currency / corresponding maturities (as against LIBOR / SWAP rates plus 25 basis points effective from close of business on October 15, 2008). On floating rate deposits, interest shall be paid within the ceiling of SWAP rates for the respective currency / maturity plus 100 basis points. For floating rate deposits, the interest reset period shall be six months.

(Anand Sinha)
Executive Director

RbiTtsCommonUtility

प्ले हो रहा है
കേൾക്കുക

Related Assets

RBI-Install-RBI-Content-Global

RbiSocialMediaUtility

റിസർവ് ബാങ്ക് ഓഫ് ഇന്ത്യ മൊബൈൽ ആപ്ലിക്കേഷൻ ഇൻസ്റ്റാൾ ചെയ്ത് ഏറ്റവും പുതിയ വാർത്തകളിലേക്ക് വേഗത്തിലുള്ള ആക്സസ് നേടുക!

Scan Your QR code to Install our app

RbiWasItHelpfulUtility

ഈ പേജ് സഹായകരമായിരുന്നോ?