ISSUING AUTHORITY : RESERVE BANK OF INDIA
DATE OF ISSUE : 14/08/2013
EFFECTIVE DATE : IMMEDIATE EFFECT
CIRCULAR NO. RBI/2013-14/185
In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949 and in modification of the directive circular No.DBOD.Dir.BC.102/13.03.00/2011-12 dated May 4, 2012, it has been decided that with effect from the close of business in India as on August 14, 2013, the interest rates on FCNR(B) Deposits are as under:
For Floating Rate Deposits, the Interest reset period shall be Six Months.
These Instructions will be valid upto November 30, 2013, subject to review.
For detailed Circular, follow the Link below:
DBOD.Dir.BC. 38 /13.03.00/2013-14
In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949 and in modification of the directive circular No.DBOD.Dir.BC.102/13.03.00/2011-12 dated May 4, 2012, it has been decided that with effect from the close of business in India as on August 14, 2013, the interest rates on FCNR(B) Deposits are as under:
MATURITY PERIOD
|
EXISTING
|
REVISED
|
1 year to less than 3 years
|
LIBOR/SWAP plus 200 basis points
|
No change
|
3 - 5 years
|
LIBOR/SWAP plus 300 basis points
|
LIBOR/SWAP plus 400 basis points
|
For Floating Rate Deposits, the Interest reset period shall be Six Months.
These Instructions will be valid upto November 30, 2013, subject to review.
For detailed Circular, follow the Link below:
DBOD.Dir.BC. 38 /13.03.00/2013-14
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