Interest Rate Ceiling on FCNR(B) Deposits Revised

Reserve Bank of India has revised the interest rates on FCNR(B) deposits of all maturities contracted effective close of business in India on March 28, 2006 should not exceed LIBOR/ SWAP rate (as against 25 basis points below the LIBOR/SWAP) prevailing on the last working day of the previous month for relevant maturity and currency.