{
  "id": 5226199,
  "title": "Banks’ 'Certificate of Deposits' rates dip as FCNR flows hit $127 billion",
  "url": "https://urgent.news/2026/09/03/banks-certificate-of-deposits-rates-dip-as-fcnr-flows-hit-127-billion",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-03T02:05:00.000Z",
  "source": {
    "name": "Hindustan Times",
    "slug": "hindustan-times",
    "url": "https://www.hindustantimes.com/india-news/banks-certificate-of-deposits-rates-dip-as-fcnr-flows-hit-127-billion-101788396332608.html"
  },
  "original_language": "en",
  "account": "India's Overseas Currency Non-Resident (OCNR) deposit scheme has successfully attracted $127.2 billion in overseas inflows, causing certificate of deposit (CD) rates to decline. Rates on three-month CDs fell from 7.09-7.23% to 6.3%, and from 7.30-8.00% to 6.7% after the Reserve Bank of India (RBI) launched the scheme on June 5. The central bank reported $136.4 billion in overseas inflows as of August 31, with FCNR(B) deposits contributing $127.2 billion, OFCBs adding $5.3 billion, and ECBs contributing $3.9 billion. The large liquidity influx has reduced banks' need to raise funds through CDs, leading to lower issuance and cooling CD rates.",
  "summary": "The RBI’s scheme for attracting foreign currency deposits from NRIs has boosted banking-system liquidity, reducing banks’ need to raise funds through CD's.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}