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FCNR(B) Deposit Rate Ceiling Extended for RRBs

No longer current — withdrawn, no replacement on file yet

Source: Reserve Bank of India · RBI/2013-14/391 · issued 02 Dec 2013 · ~1 min read

Quick answerRBI extends the existing FCNR(B) deposit interest rate ceiling for Regional Rural Banks unchanged until January 31, 2014. The earlier deadline of November 30, 2013 is now superseded. No change in the prescribed rates.

What changed

The interest rate ceiling on FCNR(B) deposits for RRBs, previously valid up to November 30, 2013, has been extended without any modification. The unchanged ceiling will now apply until January 31, 2014, subject to further review.

What it means for you

RRBs can continue offering FCNR(B) deposits at the same capped rates for another two months, providing stability for depositors and lenders. This extension avoids any sudden repricing of foreign currency deposits, helping RRBs manage their liability costs predictably.

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

Update internal systems and deposit rate sheets to reflect the extended validity of the existing FCNR(B) interest rate ceiling until January 31, 2014.
Communicate the unchanged ceiling to branch managers and treasury teams to ensure compliance in new FCNR(B) deposit bookings.
Monitor RBI announcements for any further review or change after January 31, 2014.

Who it affects

Regional Rural Banks (RRBs), Treasury and deposit operations teams at RRBs, Customers holding or opening FCNR(B) deposits with RRBs

❓ Common questions

Regulatory timeline

Decoded by BankPulse 2026-06-18 11:39 IST
repealed_by — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
Status change: withdrawn 03 Aug 2026, 04:00 IST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 new deadline for the FCNR(B) deposit rate ceiling?

The ceiling remains unchanged and is now valid until January 31, 2014, instead of the earlier November 30, 2013 deadline.

Have the interest rate ceilings on FCNR(B) deposits changed?

No, the ceilings prescribed in the August 19, 2013 circular remain exactly the same. Only the validity period has been extended.

Which banks are covered by this directive?

This directive specifically applies to Regional Rural Banks (RRBs) in India.

📜 This document’s life story (1 recorded event, each backed by RBI’s own words)

Repealed by RBI/2025-26/100 — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)

RBI’s words: “Official withdrawal register entry #975: RPCD.CO.RRB.Dir.No.64/03.05.33/2013-14 — "Interest Rates on FCNR(B) Deposits" dated December 2, 2013”

📜 Read the original circular — full text as issued by RBI

RBI/2013-14/391
 RPCD.CO.RRB/RCB.BC.NO. 63 /03.05.33/2013-14
 December 2, 2013
 The Chairmen
 Regional Rural Banks
 Dear Sir/Madam,
 Interest Rates on FCNR (B) Deposits
 Please refer to our circular RPCD.CO.RRB.BC.No.22/03.05.33/2013-14 dated August 19, 2013 advising interest rate ceilings on FCNR (B) deposits for maturity period of one year to less than three years and three to five years, respectively. In terms of para 4 thereof, these instructions are valid up to November 30, 2013, subject to review.
 2. In this connection, we advise that the interest rate ceiling prescribed vide circular under reference will remain unchanged till January 31, 2014, subject to review.
 3. An amending directive RPCD.CO.RRB.Dir.No.64/03.05.33/2013-14 dated December 2, 2013 is enclosed . Yours faithfully,
 (A.Udgata)
 Principal Chief General Manager 
 RPCD.CO.RRB.Dir.No.64 /03.05.33/2013-14
 December 2, 2013
 Interest Rates on FCNR(B) Deposits 
 In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949, and in modification of the directive RPCD.CO.RRB.Dir.No.21 /03.05.33/2013-14 dated  August 19, 2013 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 the interest rate ceiling on FCNR (B) deposits prescribed vide Directive referred to above will remain unchanged till January 31, 2014, subject to review.
 Dr.(Smt.) Deepali Pant Joshi
 Executive Director

Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2013-14/391 · issued 02 Dec 2013. 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=8610&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.