https://www.taxtmi.com/circulars?id=5405 With effect from the close of business on November 15, 2008, interest on fresh NRE term deposits of one to three years shall not exceed US dollar LIBOR/SWAP plus 175 basis points, the same ceiling applying where maturity exceeds three years and on renewals. For FCNR(B) deposits contracted from that date, interest shall be paid within LIBOR/SWAP plus 100 basis points for the relevant currency and maturity; floating rate FCNR(B) deposits are subject to SWAP plus 100 basis points with a six month reset period. en-us Sat, 15 Nov 2008 00:00:00 +0530 Mon, 17 Nov 2008 10:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=5405 With effect from the close of business on November 15, 2008, interest on fresh NRE term deposits of one to three years shall not exceed US dollar LIBOR/SWAP plus 175 basis points, the same ceiling applying where maturity exceeds three years and on renewals. For FCNR(B) deposits contracted from that date, interest shall be paid within LIBOR/SWAP plus 100 basis points for the relevant currency and maturity; floating rate FCNR(B) deposits are subject to SWAP plus 100 basis points with a six month reset period. Circulars FEMA Sat, 15 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/circulars?id=5405