The Hindu Business Line : FCNR deposits maximum maturity hiked to 5 years

THE Reserve Bank of India has allowed banks to accept FCNR (B) deposits up to a maximum maturity period of five years. According to an RBI press release, it has also decided to allow banks to accept FCNR deposits in Canadian dollar and Australian dollar.

Currently, banks are allowed to accept FCNR deposits only in four currencies i.e. US dollar, pound sterling, euro and yen up to a maximum maturity period of three years, said the release.

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