The Reserve Bank of India (RBI) on June 17, 2026, issued the Reserve Bank of India (Commercial Banks – Interest Rate on Deposits) Amendment Directions, 2026 to further amend the Reserve Bank of India (Commercial Banks – Interest Rate on Deposits) Directions, 2025.
The following amendments have been stated:
In Chapter IV on Rupee Deposits of Non-Residents, the paragraph 27(4) shall be amended as under:
Interest rates on NRE / NRO deposits shall not be higher than those offered by the bank on comparable domestic rupee term deposits1. 1 The said restriction with respect to interest rates offered on fresh NRE deposits mobilised by banks, including the deposits that are renewed upon maturity, for three years and above tenors, is temporarily withdrawn with effect from June 17, 2026, for the period until September 30, 2026. Any transfer from NRO accounts to NRE accounts shall not qualify for such exemption.
These Amendment Directions shall come into effect from the date of issue.
[Notification No. RBI/2026-27/138 DOR.SOG(SPE).REC.117/13.03.00/2026-27]
