Updated as of 06 Feb, 2007 

In the Third Quarter Review of the Annual Policy Statement for the year 2006-07, announced on January 31, 2007 (extract of paragraph 86 enclosed), it has been decided that until further notice and with effect from close of business as on January 31, 2007, the interest rates on FCNR(B) deposits will be as under:

In respect of FCNR(B) deposits of all maturities contracted effective from the close of business in India as on January 31. 2007, interest shall be paid within the ceiling rate of LIBOR / SWAP rates for the respective currency / corresponding maturities minus 25 basis points (as against LIBOR /SWAP rates effective from close of business on March 28, 2006). On floating rate deposits, interest shall be paid within the ceiling of SWAP rates for the respective currency / maturity minus 25 basis points. For floating rate deposits, the interest reset period shall be six months.