{"id":189872,"date":"2024-12-06T14:47:03","date_gmt":"2024-12-06T14:47:03","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/12\/06\/cheer-for-nris-earn-higher-interest-rates-on-fcnrb-deposits-till-march-31-2025-heres-how-times-of-india\/"},"modified":"2024-12-06T14:47:04","modified_gmt":"2024-12-06T14:47:04","slug":"cheer-for-nris-earn-higher-interest-rates-on-fcnrb-deposits-till-march-31-2025-heres-how-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/12\/06\/cheer-for-nris-earn-higher-interest-rates-on-fcnrb-deposits-till-march-31-2025-heres-how-times-of-india\/","title":{"rendered":"Cheer for NRIs! Earn higher interest rates on FCNR(B) deposits till March 31, 2025 &#8211; here\u2019s how &#8211; Times of India"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"400\" height=\"225\" src=\"https:\/\/i0.wp.com\/static.toiimg.com\/thumb\/msid-116039997,imgsize-39880,width-400,resizemode-4\/116039997.jpg?resize=400,225&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Cheer for NRIs! Earn higher interest rates on FCNR(B) deposits till March 31, 2025 &#8211; here\u2019s how &#8211; Times of India\" title=\"Cheer for NRIs! Earn higher interest rates on FCNR(B) deposits till March 31, 2025 &#8211; here\u2019s how &#8211; Times of India\" \/><\/div><p> <br \/>\n<\/p>\n<div data-articlebody=\"1\">\n<div class=\"_s30J clearfix  \">\n<div class=\"MwN2O\">\n<div class=\"T22zO\">\n<section class=\"D3Wk1  clearfix id-r-component leadmedia undefined undefined  VtlfQ\" style=\"top:0px\">\n<div class=\"D3Wk1\" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">\n<div class=\"zPaFh\">\n<div class=\"wJnIp\"><\/div>\n<\/div>\n<\/div>\n<div class=\"cj2hz img_cptn\"><span title=\"In order to attract more capital inflows, it has been decided to increase the interest rate ceilings on FCNR(B) deposits. (AI image)\">In order to attract more capital inflows, it has been decided to increase the interest rate ceilings on FCNR(B) deposits. (AI image)<\/span><\/div>\n<\/section>\n<\/div><\/div>\n<p>Cheer for NRIs! The RBI has enhanced the interest rate ceiling for FCNR(B) deposits to overnight Alternative Reference Rate (ARR) plus 400 basis points for deposits with maturities between 1 year and less than 3 years. This decision was announced by RBI governor Shaktikanta Das during the post MPC meet on December 6 and aims to draw <!-- -->foreign currency deposits<!-- --> from abroad. These revised rates will remain effective until March 2025.<br \/>This represents a significant increase from the previous ceiling of ARR + 200 basis points.<br \/>According to the RBI statement on December 6, 2024, &#8220;In order to attract more capital inflows, it has been decided to increase the interest rate ceilings on FCNR(B) deposits. Accordingly, with effect from today (December 6, 2024), banks are permitted to raise fresh FCNR(B) deposits of 1 year to less than 3 years maturity at rates not exceeding ARR plus 400 bps and deposits with maturity between 3 to 5 years at rates not exceeding ARR plus 500 bps. This relaxation will be available till March 31, 2025.&#8221;<br \/>According to the RBI notification as on December 6, 2024, &#8220;It has been decided to increase the interest rates ceiling on fresh FCNR(B) deposits raised by the banks with effect from December 06, 2024 as under:<br \/>For NRIs seeking to maintain fixed deposits in India, the FCNR Account provides an option to preserve overseas earnings in Foreign Currency.<\/p>\n<p><h2>What is FCNR (B) Account?<\/h2>\n<\/p>\n<p><\/p>\n<div class=\"cdatainfo modify_cdata_list_style id-r-component \" data-pos=\"17\">\n<ul>\n<li>An FCNR (B) account enables you to hold a fixed deposit in India using convertible foreign currencies, with deposit periods ranging from one to five years.<\/li>\n<li>The account, being maintained in foreign currency, protects your deposits from exchange rate variations throughout the deposit duration, according to an ET report.<\/li>\n<li>Similar to a Non-Resident External (NRE) bank account, both the principal amount and interest earnings in this account are exempt from taxation in India.<\/li>\n<\/ul>\n<\/div>\n<p><span class=\"strong\" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">Common Currencies Accepted:<\/span><br \/>Banks typically accept FCNR deposits in six major currencies:<br \/>* US Dollars<br \/>* Pounds Sterling<br \/>* Euro<br \/>* Japanese Yen<br \/>* Australian Dollars<br \/>* Canadian Dollars<\/div>\n<\/div>\n<p><script>\nvar _mfq = window._mfq || [];\n_mfq.push([\"setVariable\", \"toi_titan\", window.location.href]);\n!(function(f, b, e, v, n, t, s) {\n    function loadFBEvents(isFBCampaignActive) {\n      if (!isFBCampaignActive) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        if (f.fbq) return;\n        n = f.fbq = function() {\n          n.callMethod ? n.callMethod(...arguments) : n.queue.push(arguments);\n        };\n        if (!f._fbq) f._fbq = n;\n        n.push = n;\n        n.loaded = !0;\n        n.version = '2.0';\n        n.queue = [];\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/connect.facebook.net\/en_US\/fbevents.js', n, t, s);\n      fbq('init', '593671331875494');\n      fbq('track', 'PageView');\n    };\n    function loadGtagEvents(isGoogleCampaignActive) {\n      if (!isGoogleCampaignActive) {\n        return;\n      }\n      var id = document.getElementById('toi-plus-google-campaign');\n      if (id) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        t.id = 'toi-plus-google-campaign';\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/www.googletagmanager.com\/gtag\/js?id=AW-877820074', n, t, s);\n    };\n    function loadSurvicateJs(allowedSurvicateSections = []){\n      const section =  window.location.pathname.split('\/')[1]\n      const isHomePageAllowed = window.location.pathname === '\/' && allowedSurvicateSections.includes('homepage')\n      if(allowedSurvicateSections.includes(section) || isHomePageAllowed){\n        (function(w) {\n         function setAttributes() {\n                    var prime_user_status = window.isPrime ? 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(AI image) Cheer for NRIs! The RBI has enhanced the interest rate ceiling for FCNR(B) deposits to overnight Alternative Reference Rate (ARR) plus 400 basis points for deposits with maturities between 1 year and less [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":189873,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/static.toiimg.com\/thumb\/msid-116039997,imgsize-39880,width-400,resizemode-4\/116039997.jpg","fifu_image_alt":"","footnotes":""},"categories":[604],"tags":[289,522,31754,11672,148644,148645,148643,148642,671,6572,273,1120,675,3454,148641,20679,148640,20678,6829,272],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/189872"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=189872"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/189872\/revisions"}],"predecessor-version":[{"id":189874,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/189872\/revisions\/189874"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/189873"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=189872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=189872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=189872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}