Master Direction on Interest Rate on Deposits – Foreign Currency (Non-resident) Accounts (Banks) Scheme [FCNR (B)] and Non-Resident (External) Rupee (NRE) Deposit(dated – 06.07.2022)-RBI.
View PdfMaster Direction on Interest Rate on Deposits – Foreign Currency (Non-resident) Accounts (Banks) Scheme [FCNR (B)] and Non-Resident (External) Rupee (NRE) Deposit(dated – 06.07.2022)-RBI.
- Further, in terms of Section 15 (d) and Section 14 (d) of the above-mentioned MDs respectively, interest rates on NRE deposits shall not be higher than those offered by the banks on comparable domestic rupee term deposits. In this regard, the said restriction with respect to interest rates offered on incremental NRE deposits mobilized by banks shall be temporarily withdrawn with effect from July 07, 2022, for the period until October 31, 2022. The above relaxation shall not be applicable to Ordinary Non-Resident (NRO) Deposits.
- All other instructions in this regard shall remain unchanged, refer attachment for further details.
