sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Latest Circulars »
 RBI-Customer Service provided by agency banks
 RBI-Control measures for ATMs – Timeline for compliance
 RBI releases Draft Directions on requirement of Legal Entity Identifier Code for participation in non-derivative markets
 Liberalised Remittance Scheme – Harmonisation of Data and Definitions
  RBI - Auction of Government o India Dated Securities
  Investment by Foreign Portfolio Investors (FPI) in Debt - Review
 CPE Events 18th May - 23th June 2018
 Basel III Framework on Liquidity Standards - Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring Tools and LCR Disclosure Standards
  Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks – Spreading of MTM losses and creation of Investment Fluctuation Reserve (IFR)
 Change in name of “The Mahanagar Co-operative Bank Limited, Mumbai” to “GS Mahanagar Co-operative Bank Limited, Mumbai” in the Second Schedule to the Reserve Bank of India Act, 1934
 Section 23 of the Banking Regulation Act, 1949 – Branch Authorisation Policy – Left Wing Extremism affected districts – Revised List

RBI-Interest Rates on FCNR(B) Deposits AD Category 1 UCBs
August, 22nd 2013

RBI/2013-14/195
UBD.BPD.AD.CIR.No. 2/13.01.000/2013-14

August 21, 2013

The Chief Executive Officers
All AD Category -1 UCBs

Dear Sir/Madam,

Interest Rates on FCNR(B) Deposits

Please refer to our circular No. UBD.BPD.AD.CIR.No.7/13.01.000/2011-12 dated May 17, 2012 on Interest Rates on Deposits held in FCNR(B) Accounts. In view of the prevailing market conditions, it has been decided that with effect from the close of business in India as on August 14, 2013, the interest rate ceiling on FCNR(B) Deposits will be 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

On floating rate deposits, interest shall be paid within the ceiling of swap rates for the respective currency/maturity plus 200 bps/ 400 bps as the case may be. For floating rate deposits, the interest reset period shall be six months.

2. All other instructions in this regard, as amended from time to time, will remain unchanged.

3. These instructions will be valid up to November 30, 2013, subject to review.

4. An amending directive UBD.BPD.DIR.No.1/13.01.000/2013-14 dated August 21, 2013 is enclosed.

Yours faithfully,

(A.K.Bera)
Principal Chief General Manager

Encls: One


UBD.BPD.DIR.No. 1/13.01.000/2013-14

August 21, 2013

Interest Rates on FCNR(B) Deposits

In exercise of the powers conferred by Section 35A, read with Section 56 of the Banking Regulation Act, 1949, and in modification of the directive UBD.BPD.DIR.No.8/13.01.000/2011-12 dated May 17, 2012 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 with effect from the close of business in India as on August 14, 2013 the interest rate ceiling on FCNR(B) deposits shall be 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

On floating rate deposits, interest shall be paid within the ceiling of swap rates for the respective currency/maturity plus 200 bps/ 400 bps as the case may be. For floating rate deposits, the interest reset period shall be six months.

These instructions will be valid up to November 30, 2013, subject to review.

(S. Karuppasamy)
Executive Director

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions