Interest rate ceiling on FCNR(B) deposits set against LIBOR/SWAP with a reduced margin and six month reset for floating rates. Interest on FCNR (B) deposits with AD Category-I UCBs shall be payable within a ceiling equal to the applicable LIBOR/SWAP benchmark rate minus a reduced margin; floating rate deposits are capped against the applicable SWAP rate minus the same margin, with interest resets every six months. All other terms and conditions of FCNR (B) deposits remain unchanged.
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Provisions expressly mentioned in the judgment/order text.
Interest rate ceiling on FCNR(B) deposits set against LIBOR/SWAP with a reduced margin and six month reset for floating rates.
Interest on FCNR (B) deposits with AD Category-I UCBs shall be payable within a ceiling equal to the applicable LIBOR/SWAP benchmark rate minus a reduced margin; floating rate deposits are capped against the applicable SWAP rate minus the same margin, with interest resets every six months. All other terms and conditions of FCNR (B) deposits remain unchanged.
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