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RBI temporarily withdraws rate caps on FCNR(B), NRE deposits till Sept 30
The Reserve Bank of India has removed interest rate caps on specific non-resident deposits. This move grants banks more freedom to attract foreign funds. The changes are effective immediately and will continue until September 2026. Banks can now offer higher rates on FCNR(B) and NRE deposits. This aims to boost long-term liability mobilisation and improve asset-liability management for financial institutions.
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thehindubusinessline.com
FCNR (B) deposits: Banks’ may face a tricky situation
Banks may struggle to retain FCNR (B) deposits as NRIs consider premature closures for higher interest rates on new deposits.
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economictimes.indiatimes.com
FCNR(B) window may save banks Rs 4,000 crore
Banks are poised to save approximately ₹4,000 crore annually by raising deposits through FCNR(B) accounts, as the RBI covers hedging costs, making them cheaper than domestic fixed…
