FCNR(B) Deposit Rate Ceiling Raised for 3-5 Year Tenors

Notifications - Reserve Bank of India Skip to main content Selected Selected Change Language हिंदी Search the Website Search Home About Us ▼ About Us Organisation & Functions ▶ Organisation Structure Departments Offices Training Establishment ▶ College of Agricultural Banking Reserve Bank Staff College College of Supervisors RBI's Functions and Working Governors Deputy Governors Executive Directors Communication Policy of RBI Sources of Information ▶ Annual Publications Half-yearly Publications Quarterly Publications Monthly Publications Weekly Publications Occasional Publications SDDS NSDP Data Releases Publications available on Subscription General Information RBI History Museum ▶ The RBI Museum RBI Monetary Museum Notification ▼ Notifications Master Directions Master Circulars Amendment Directions Draft Notifications/Guidelines ▶ Draft Notifications/Guidelines Draft Directions (RE-wise) Index To RBI Circulars Standalone Circulars Circulars Withdrawn Press Releases Speeches & Media Interactions ▼ Speeches Media Interactions Memorial Lectures Podcasts Publications ▼ Biennial Annual Half-Yearly Quarterly Bi-monthly Monthly Weekly Occasional Reports Working Papers Legal Framework ▼ Act Rules Regulations Schemes Research ▼ External Research Schemes RBI Occasional Papers Working Papers RBI Bulletin History DRG Studies KLEMS State Statistics and Finances Statistics ▼ Data Releases Database on Indian Economy Public Debt Statistics Regulatory Reporting ▼ List of Returns Data Definition Validation rules/ Taxonomy List of RBI Reporting Portals FAQs of RBI Reporting Portals Home Notifications Notifications ( 775 kb ) Interest Rates on FCNR(B) Deposits – AD Category 1 UCBs RBI/2013-14/195 UBD.BPD.AD.CIR.No. 2/13.01.000/2013-14 August 21, 2013 The Chief Executive Officers All AD Category -1 UCBs Dear Sir/Madam, Interest Rates on FCNR(B) Deposits Please refer to our circular No. UBD.BPD.AD.CIR.No.7/13.01.000/2011-12 dated May 17, 2012 on Interest Rates on Deposits held in FCNR(B) Accounts. In view of the prevailing market conditions, it has been decided that with effect from the close of business in India as on August 14, 2013, the interest rate ceiling on FCNR(B) Deposits will be as under - Maturity Period Existing Revised 1 year to less than 3 years LIBOR/Swap plus 200 basis points No change 3 - 5 years LIBOR/Swap plus 300 basis points LIBOR/ SWAP plus 400 basis points On floating rate deposits, interest shall be paid within the ceiling of swap rates for the respective currency/maturity plus 200 bps/ 400 bps as the case may be. For floating rate deposits, the interest reset period shall be six months. 2. All other instructions in this regard, as amended from time to time, will remain unchanged. 3. These instructions will be valid up to November 30, 2013, subject to review. 4. An amending directive UBD.BPD.DIR.No.1/13.01.000/2013-14 dated August 21, 2013 is enclosed. Yours faithfully, (A.K.Bera) Principal Chief General Manager Encls: One UBD.BPD.DIR.No. 1/13.01.000/2013-14 August 21, 2013 Interest Rates on FCNR(B) Deposits In exercise of the powers conferred by Section 35A, read with Section 56 of the Banking Regulation Act, 1949, and in modification of the directive UBD.BPD.DIR.No.8/13.01.000/2011-12 dated May 17, 2012 on Interest Rates on FCNR(B) Deposits, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest so to do, hereby directs that with effect from the close of business in India as on August 14, 2013 the interest rate ceiling on FCNR(B) deposits shall be as under: Maturity Period Existing Revised 1 year to less than 3 years LIBOR/Swap plus 200 basis points No change 3 - 5 years LIBOR/Swap plus 300 basis points LIBOR/ SWAP plus 400 basis points On floating rate deposits, interest shall be paid within the ceiling of swap rates for the respective currency/maturity plus 200 bps/ 400 bps as the case may be. For floating rate deposits, the interest reset period shall be six months. These instructions will be valid up to November 30, 2013, subject to review. (S. 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Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2013-14/195 · issued 21 Aug 2013. The plain-English explanation above is BankPulse’s own independent summary.

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