RBI Update - Interest Rates on Foreign Currency (Non-resident) Accounts (Banks) [FCNR(B)] Deposits

It has been decided to increase the interest rates ceiling on fresh FCNR(B) deposits raised by the banks with effect from December 06, 2024 as under:

Period of Deposit Ceiling Rate 1 year to less than 3 years Overnight Alternative Reference Rate for the respective currency/ Swap plus 400 basis points 3 years and above upto and including 5 years Overnight Alternative Reference Rate for the respective currency/ Swap plus 500 basis points

The above relaxation shall be available till March 31, 2025.

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