Date:29/03/2006 URL: http://www.thehindu.com/2006/03/29/stories/2006032905431700.htm

Business

FCNR deposit interest ceiling up

MUMBAI: The Reserve Bank of India (RBI) on Tuesday raised the interest rates ceiling on Foreign Currency Non-Resident (FCNR) deposits by 25 basis points.

In a release issued here, the RBI stated that until further notice, the interest rates on FCNR (B) deposits of all maturities contracted effective close of business in India on March 28 should not exceed the LIBOR/SWAP rate prevailing on the last working day of the previous week for the relevant maturity and currency. This was against the 25 basis points below the LIBOR/SWAP rates effective April 29, 2002, the RBI release stated. — PTI