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Economics1h 35m ago
The Reserve Bank of India (RBI) said on June 17 that it will temporarily withdraw the interest rate ceiling on fresh three- and five-year foreign currency non-resident bank (FCNR-B) deposits until September 30, 2026.
India
Who
Reserve Bank of India (RBI), Yes Bank, Bank of Baroda, Canara Bank
What
The Reserve Bank of India (RBI) said on June 17 that it will temporarily withdraw the interest rate ceiling on fresh three- and five-year foreign currency non-resident bank (FCNR-B) deposits until September 30, 2026.
When
Wed, 17 Jun 2026 13:30:11 GMT · 1h 35m ago
Where
India ·
Why
This measure is part of the RBI's review of its deposit interest rate directives to shore up capital inflows into the country.
The Frontline Impact
How this affects you
This policy change is estimated to attract up to $50 billion in capital inflows, potentially strengthening India's capital account. Several major banks, including Yes Bank, Bank of Baroda, and Canara Bank, have already increased their FCNR-B deposit interest rates to attract these foreign funds.
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