The Reserve Bank of India (RBI) on December 06, 2024, issued a notification regarding the Interest Rates on Foreign Currency (Non-resident) Accounts (Banks) [FCNR(B)] Deposits.
revised the interest rate ceilings on fresh FCNR(B) deposits effective December 06, 2024, as announced in the Bi-monthly Monetary Policy Statement for 2024-25.
For deposits of 1 year to less than 3 years: Ceiling increased to Overnight Alternative Reference Rate (ARR) plus 400 basis points.
For deposits of 3 years and up to 5 years: Ceiling increased to Overnight ARR plus 500 basis points.
These revised ceilings apply to new FCNR(B) deposits raised by banks and will remain in effect until March 31, 2025.
[Notification No. RBI/2024-25/94]
