International Division

CO: ID: IM: 2019-20: 29 Date: - September 30, 2019

INSTRUCTION MEMORANDUM
ALL ZONAL OFFICES, CORE BANKING SOLUTIONS DEPARTMENT
SIR SPBT COLLEGE, CBOTCs, ZONAL AUDIT OFFICES, ZSTCs, ALL GENERAL
MANAGERS / DEPUTY GENERAL MANAGERS AT CENTRAL OFFICE

Interest Rate On FCNR(B) & RFC Deposits w.e.f.– October 01, 2019

1. Attention of Offices is invited to Instruction Memorandum CO:ID:IM:2019-20:24 dated

August 31, 2019 conveying revised FCNR(B) / RFC Deposit interest rates effective from
September 01, 2019.
2.In the light of Reserve Bank of India directions vide its circular RBI/2013-14/477 and
DBOD Dir.BC.92/13.03.00/2013-14 dated January 31, 2014 and taking into account
LIBOR/SWAP rates prevailing on September 30, 2019 displayed by FEDAI, interest rates
on FCNR(B) Deposits are revised effective from October 01, 2019.
3. Revised interest rates, applicable to fresh FCNR(B) deposits accepted / renewals made on
or after October 01, 2019 will be as under:
[These rates are also available on our Bank website/ Circular site/ Trade Easy portal]
Period of deposit USD GBP EUR CAD AUD
1 year to less than 2 years 2.83 1.18 0.08 2.61 1.36
2 years to less than 3 years 2.65 1.17 0.04 2.38 1.30
3 years to less than 4 years 2.32 1.14 0.05 2.32 1.29
4 years to less than 5 years 2.54 1.12 0.07 2.28 1.40
5 years only 2.28 1.12 0.10 2.25 1.43
Overdue Deposit 1.83 0.18 0.00 1.61 0.36
RFC (USD) Deposit Interest Rates w.e.f. October 01, 2019.
Period of USD deposit % p.a.
6 months to less than 12 months & Savings A/c. 1.83
Overdue deposits NIL

 Additional benefit of interest is not allowed to either Senior citizen or ex-staff/staff.

 In case of premature withdrawal No interest payable if closed before completion of 1 year.
1% penal interest to be applied (as applicable) if closed before maturity after completion of 1
year.
 Premature withdrawal is not allowed if a loan is availed against the deposit.

Zonal Offices/ Regional Offices are advised to immediately bring the revision of interest
rates as per above to the notice of all branches, as all our Branches accept NRI deposits.

Bhushan Joseph
Dy. General Manager-ID
Chander Mukhi, 5th Floor, Nariman Point, Mumbai – 400 021.
Telephone : (91-22) 66387534/66387548 Fax : (91 - 22) 6638 7563