No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2012-13/78 · issued 02 Jul 2012 · ~1 min read
Quick answerRBI issued a consolidated Master Circular on FCNR(B) deposits, updating previous instructions up to June 30, 2012. All scheduled commercial banks (excluding RRBs) must follow the revised guidelines on interest rates, premature withdrawals, and advances against these deposits.
What changed
This Master Circular replaces the July 1, 2011 version, incorporating all instructions issued up to June 30, 2012. It consolidates and updates guidelines on FCNR(B) deposits, including interest rate directives, without introducing new policy changes.
What it means for you
Banks must ensure their FCNR(B) deposit operations align with the latest consolidated guidelines, particularly on interest rate setting and advance restrictions. The circular reinforces existing rules, reducing ambiguity for compliance and audit purposes.
Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.
What banks were required to do at the time
Review and update internal FCNR(B) deposit policies to match the 2012 Master Circular.
Train staff on key provisions like premature withdrawal rules and interest on overdue deposits.
Ensure advances against FCNR(B) deposits comply with quantum and margin limits specified.
Maintain records of circulars consolidated in the appendix for audit readiness.
Who it affects
All scheduled commercial banks (excluding RRBs), NRI depositors holding FCNR(B) accounts, Bank staff handling NRI deposit operations
❓ Common questions
Regulatory timeline
Decoded by BankPulse2026-06-18 19:31 IST
repealed_by — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
Status change: withdrawn03 Aug 2026, 04:00 IST
Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).
What is the minimum maturity for FCNR(B) deposits under this circular?
The minimum maturity period is one year, effective from October 1999, as per the updated guidelines.
📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
Repealed byRBI/2025-26/100 — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
RBI’s words: “Official withdrawal register entry #1288: DBOD.No.Dir.BC.8/13.03.00/2012-13 — "Master Circular of Instructions Relating to Deposits held in FCNR(B) Accounts" dated July 2, 2012”
📜 Read the original circular — full text as issued by RBI
RBI/2012-13/78
DBOD.No.Dir.BC.8/13.03.00/2012-13
July 2, 2012
Ashadha 11, 1934 (Saka)
All Scheduled Commercial Banks
(excluding RRBs)
Dear Sir / Madam
Master Circular of instructions relating to
deposits held in FCNR(B) Accounts
Please refer to the Master Circular DBOD No. Dir. BC.10/ 13.03.00/2010-11 dated July 1, 2011 consolidating the instructions/ guidelines issued to banks till June 30, 2011 relating to deposits held in FCNR(B) Accounts. The Master Circular has been suitably updated by incorporating the instructions issued up to June 30, 2012 and has been placed on the RBI website ( http://www.rbi.org.in ).A copy of the Master Circular is enclosed.
Yours faithfully
(Sudha Damodar)
Chief General Manager
Encls: as above
CONTENTS
Para No.
Particulars
A
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2012-13/78 · issued 02 Jul 2012. The plain-English explanation above is BankPulse’s own independent summary.
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BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7341&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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