India, June 18 -- The Reserve Bank on Wednesday temporarily withdrew interest rate ceiling on fresh Foreign Currency Non-Resident (Bank) deposits of 3-5 years' maturity till September 30, a move aimed at attracting foreign capital.

It has also temporarily withdrawn restriction on interest rates on Non-Resident External (NRE) deposits of 3 years and above tenors, including deposits that are renewed upon maturity, till September 30, 2026.

"The interest rate ceiling applicable to fresh FCNR(B) deposits mobilised by banks, including the deposits that are renewed upon maturity, for three years and above -- up to and including five-year tenors, is temporarily withdrawn with effect from June 17, 2026, for the period until September 30, 2026," ...