FCNR(B) deposits: foreign currency term deposits with LIBOR/SWAP-based interest ceiling, repatriable, one-to-five year maturities. Consolidates RBI instructions for FCNR(B) deposits: scheme covers specified foreign currencies for one- to five-year repatriable term deposits for NRIs; banks must set rates within a ceiling based on LIBOR/SWAP plus a margin using FEDAI benchmarks; interest is calculated on a 360-day year with prescribed payment mechanics and optional compounding on maturity; banks may levy disclosed penalties for premature withdrawal and must follow rules on advances against deposits including a prescribed loan ceiling and prohibitions on artificial structuring and brokerage.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
FCNR(B) deposits: foreign currency term deposits with LIBOR/SWAP-based interest ceiling, repatriable, one-to-five year maturities.
Consolidates RBI instructions for FCNR(B) deposits: scheme covers specified foreign currencies for one- to five-year repatriable term deposits for NRIs; banks must set rates within a ceiling based on LIBOR/SWAP plus a margin using FEDAI benchmarks; interest is calculated on a 360-day year with prescribed payment mechanics and optional compounding on maturity; banks may levy disclosed penalties for premature withdrawal and must follow rules on advances against deposits including a prescribed loan ceiling and prohibitions on artificial structuring and brokerage.
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