RBI Raises Interest Rate Ceilings on Foreign Currency (Non-Resident) Accounts (Banks) Deposits Effective from 06.12.2024
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Circular No. RBI/2024-25/94 DoR.SPE.REC.No.51/13.03.00/2024-2025, Dated 06.12.2024
RBI has raised the interest rate ceilings on Foreign Currency (Non-resident) Accounts (Banks) [FCNR(B)] deposits for banks, effective from December 06, 2024, until March 31, 2025. For deposits with a maturity of 1 year to less than 3 years, the ceiling is the Overnight Alternative Reference Rate (ARR) of the respective currency plus 400 basis points. For deposits with a maturity of 3 years to 5 years, the ceiling is ARR plus 500 basis points.
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