Interest Rate on FCNR(B) Deposits - आरबीआय - Reserve Bank of India
Interest Rate on FCNR(B) Deposits
RBI/2008-09/232 October 15, 2008 The Managing Director Interest Rate on FCNR(B) Deposits Please refer to our circular RPCD.CO.RF.BC.No.31/07.38.01/2008-09 dated September 17, 2008 on Interest Rate on FCNR(B) Deposits. On a review, it has been decided that until further notice and with effect from the close of business in India as on October 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 October 15, 2008, interest shall be paid within the ceiling rate of LIBOR / SWAP rates plus 25 basis points for the respective currency / corresponding maturities (as against LIBOR / SWAP rates minus 25 basis points effective from close of business on September 16, 2008). On floating rate deposits, interest shall be paid within the ceiling of SWAP rates for the respective currency / maturity plus 25 basis points. For floating rate deposits, the interest reset period shall be six months. Yours faithfully, (G. Srinivasan) RPCD.CO.RF.BC. Dir.No.49/07.38.01/2008-09 October 15, 2008 Foreign Currency (Non-Resident) Accounts (Banks) Scheme (Anand Sinha) |