Regulatory Alerts2026-06-17
Added · Updated
Reserve Bank of India (Commercial Banks – Interest Rate on Deposits) Amendment Directions, 2026
The temporary withdrawal of interest rate ceilings on fresh FCNR(B) deposits with three to five-year tenors and restrictions on interest rates for NRE deposits of three years and above is effective from June 17, 2026, until September 30, 2026. This exemption applies to deposits mobilized by banks, including those renewed upon maturity, but excludes any transfers from NRO accounts to NRE accounts. Paragraph 27(4) of the Directions is amended to reflect that NRE/NRO deposit rates shall not exceed comparable domestic rupee term deposit rates, while paragraph 32(7) is amended to specify ceiling rates for foreign currency deposits.
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