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Interest Rates on FCNR (B) Deposits

RBI/2013-14/477
DBOD.No.Dir.BC.92/13.03.00/2013-14

January 31, 2014

All Scheduled Commercial Banks
(Excluding RRBs)

Dear Sir/ Madam

Interest Rates on FCNR (B) Deposits

Please refer to our circular DBOD.Dir.BC.73/13.03.00/ 2013-14 dated November 29, 2013 advising that interest rate ceilings on FCNR (B) deposits for maturity period of one year to less than three years and three to five years, respectively prescribed vide circular DBOD.Dir.BC.38/13.03.00/2013-14 dated August 14, 2013 will remain unchanged till January 31, 2014, subject to review.

2. On a review and in order to give banks some time, it has been decided that the interest rate ceiling on FCNR (B) deposits prescribed vide circular dated August 14, 2013, referred to above, will continue till February 28, 2014 and will revert to the ceiling prior to August 14, 2013, as under:

Maturity Period

Existing

With effect from March 1, 2014

1 year to less than 3 years

LIBOR/Swap plus 200 basis points

No change

3 - 5 years

LIBOR/Swap plus 400 basis points

LIBOR/SWAP plus 300 basis points

3. All other instructions in this regard, as amended from time to time, will remain unchanged.

4. An amending directive DBOD.No.Dir.BC.91/13.03.00/2013-14 dated January 31, 2014 is enclosed.

Yours faithfully,

(Prakash Chandra Sahoo)
Chief General Manager

Encl: As above


DBOD.Dir.BC.91/13.03.00/2013-14

January 31, 2014

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 DBOD.No.Dir.BC.72/13.03.00/2013-14 dated November 29, 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 DBOD. Dir.BC.37/13.03.00/2013-14 dated August 14, 2013 will continue till February 28, 2014 and will revert to the ceiling prior to August 14, 2013, as under:

Maturity Period

Existing

With effect from March 1, 2014

1 year to less than 3 years

LIBOR/Swap plus 200 basis points

No change

3 - 5 years

LIBOR/Swap plus 400 basis points

LIBOR/ SWAP plus 300 basis points

(B. Mahapatra)
Executive Director


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