The Reserve Bank of India (RBI) has raised the interest rate ceiling on Foreign Currency Non-Resident (Bank) or FCNR(B) deposits to attract more foreign currency. For deposits maturing in one to less than three years, the new ceiling is the overnight Alternative Reference Rate (ARR) plus 400 basis points, effective until March 2025.
Cheer for NRIs! Earn higher interest rates on FCNR(B) deposits till March 31, 2025 – here’s how
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