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FEDAI's LIBOR/ SWAP rates to be used by banks in arriving at the interest rates on NRI deposits

To ensure uniformity and transparency in interest rates on NRE/ FCNR(B) deposit, Reserve Bank of India has decided that FEDAI would quote/ display the LIBOR/ SWAP rates which will be used by banks in arriving at the interest rates on NRI deposits.

In terms of extant guidelines, interest rates on NRE deposits of one to three years' maturity should not exceed the LIBOR/ SWAP rates as on the last working day of the previous month for US dollar of corresponding maturity plus 75 basis points. Similarly, rates of interest on FCNR(B) deposits of one year and above should be within the ceiling rate of LIBOR/ SWAP rates for the respective currency/ corresponding maturities minus 25 basis points. The maturity period of NRE deposits varies from 1 to 3 years and that of FCNR(B) deposits from 1 to 5 years.

Banks have been allowed to accept FCNR(B) deposits denominated in US dollar, Pound Sterling, EURO, Canadian dollar, Australian dollar and Japanese Yen. At present, LIBOR/ SWAP rates as on the last working day of the month form the base for fixing ceiling rates for interest on NRE/ FCNR(B) deposits that would be offered effective from the following month.

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