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.
Link – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12753&Mode=0
About the Author
