RBI/2007-2008/42
DBOD. No. Dir. BC. 8/13.03.00/2007-08

July 2, 2007
Aashadha 11, 1929(Saka)

All Scheduled Commercial Banks
(excluding RRBs)

Dear Sir,

Master Circular of instructions relating to
deposits held in FCNR(B) Accounts

Please refer to the Master Circular DBOD No. Dir. BC. 7/ 13.03.00/2006-07 dated July 1, 2006 consolidating the instructions/guidelines issued to banks till June 30, 2006 relating to interest rates on deposits held in FCNR(B) Accounts. The Master Circular has been suitably updated by incorporating the instructions issued up to June 30, 2007 and has been placed on the RBI website (http://www.rbi.org.in).

Yours faithfully,
(P. Vijaya Bhaskar)
Chief General Manager