Notifications

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Interest Rates on FCNR (B) Deposits

RBI/2013-14/489
RPCD.CO.RRB.RCB.BC.NO.87/03.05.33/2013-14

February 11, 2014

All Regional Rural Banks/
State and Central Cooperative Banks

Dear Sir/Madam,

Interest Rates on FCNR (B) Deposits

Please refer to our circular RPCD.CO.RRB.BC.No.63/03.05.33/2013-14 and RPCD.RCB.BC.Dir.No.69/07.51.014/2013-14  dated December 2, 2013 advising Regional Rural Banks (RRBs) and State/Central Cooperative Banks (StCBs/CCBs)  respectively that interest rate ceilings on FCNR (B) deposits for maturity period of one year to less than three years and three to five years, prescribed vide circular RPCD.CO.RRB.BC.No.22/03.05.33/2013-14 dated August 19, 2013 for RRBs and RPCD.RCB.BC.Dir.No.27 /07.51.014/2013-14 dated August 22, 2013 for StCBs/CCBs will remain unchanged 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 19, 2013 and August 22, 2013, referred to above, will continue till February 28, 2014 and will revert to the ceiling prior to August 19 and August 22, 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 RPCD.CO.RRB.RCB.Dir.No.88/03.05.33/2013-14 dated February 11, 2014  is enclosed.

Yours faithfully,

(A.Udgata)
Principal Chief General Manager


RPCD.CO.RRB.RCB.Dir.No.88/03.05.33/2013-14

February 11, 2014

Interest Rates on FCNR(B) Deposits

In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949, and Section 35A of the Banking Regulation Act, 1949, (AACS) and in modification of the directive RPCD.CO.RRB.Dir.No.64/03.05.33/2013-14 and RPCD.RCB.BC.Dir.No.69/07.51.014/2013-14 dated December 2, 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 RPCD.CO.RRB.Dir.No.21/03.05.33/2013-14 dated August 19, 2013 for RRBs and RPCD.RCB.BC.Dir.No.27/07.51.014/2013-14 dated August 22, 2013 for StCBs/CCBs will continue till February 28, 2014 and will revert to the ceiling prior to August 19 and August 22, 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

Dr.(Smt.) Deepali Pant Joshi
Executive Director


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