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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>RBI Revises Interest Rates for NRE and FCNR(B) Deposits Effective Nov 15, 2008; Details on New Caps Provided.</h1> The Reserve Bank of India has revised interest rates for Non-Resident (External) Rupee (NRE) and Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits effective November 15, 2008. For NRE term deposits with maturities of one to three years, the interest rates are capped at the LIBOR/SWAP rates plus 175 basis points. For FCNR(B) deposits, the interest rates are capped at the LIBOR/SWAP rates plus 100 basis points for all currencies and maturities. These changes apply to new deposits and renewals, while other existing instructions remain unchanged.
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