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The Economic Times
The Economic Times
National

RBI temporarily eases FCNR(B), NRE deposit rate norms to attract overseas funds

RBI Reserve Bank of India India

The Reserve Bank of India (RBI) on Wednesday temporarily relaxed interest rate restrictions on certain non-resident deposits, giving banks greater flexibility to offer higher returns on fresh FCNR(B) and NRE deposits in a move that could help attract overseas funds and strengthen foreign exchange inflows.

Under the amended directions, the RBI has withdrawn the interest rate ceiling on fresh Foreign Currency Non-Resident (Bank), or FCNR(B), deposits with maturities of more than three years and up to five years.

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