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 14, 2013, referred to above, will continue till February 28, 2014 and will revert to the ceiling prior to August 14, 2013, as under:
With effect from March 1, 2014
1 year to less than 3 years
LIBOR/Swap plus 200 basis points
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 DBOD.No.Dir.BC.91/13.03.00/2013-14 dated January 31, 2014 is enclosed.
(Prakash Chandra Sahoo) Chief General Manager
Encl: As above
January 31, 2014
Interest Rates on FCNR(B) Deposits
In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949, and in modification of the directive DBOD.No.Dir.BC.72/13.03.00/2013-14 dated November 29, 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 DBOD. Dir.BC.37/13.03.00/2013-14 dated August 14, 2013 will continue till February 28, 2014 and will revert to the ceiling prior to August 14, 2013, as under: