RBI removes interest rate cap on new FCNR-B deposits till Sept 30

RBI removed interest rate cap on new three and five-year Foreign Currency Non-Resident Bank (FCNR-B) deposits and Non-Resident External (NRE) deposits with tenors of three years and above until 30 September 2026. The move, part of its 2025 deposit rate review, aims to attract foreign currency inflows and may bring up to $50 billion into India in coming months.