The Reserve Bank of India (RBI) on September 16, 2022, referred to the instructions on the Foreign Currency (Non-resident) Accounts (Banks) Scheme contained in Section 19 (h) of the Master Direction - Reserve Bank of India (Interest Rate on Deposits) Directions, 2016 dated March 03, 2016, and Section 18 (h) of the Master Direction – Reserve Bank of India (Co-operative Banks – Interest Rate on Deposits) Directions, 2016 dated May 12, 2016, in terms of which, reference rates for arriving at the interest rates on FCNR (B) deposits shall be quoted/displayed by Foreign Exchange Dealers Association of India (FEDAI).
With effect from January 31, 2022, Financial Benchmarks India Pvt. Ltd. (FBIL) is quoting/displaying the reference rates specified above in accordance with the direction given by the RBI. The Master Directions as of September 16, 2022, on Interest Rate on Deposits have made the necessary modifications to the pertinent provisions in this regard.
[Notification No. RBI/2022-2023/117]
