With rate hike, nre deposits become attractive. |
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Attempt to attract NRI funds
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The Reserve Bank of India (RBI) is trying to lure NRIs with higher interest rate on deposits with Indian Banks. The maturity period of repatriable NRE deposits would continue to be one to three years. The changes in interest rates will also apply to repatriable NRE deposits renewed after their present maturity period. The move is accelerating inflow of NRI funds in the banking sector. The RBI has recently increased interest rates on NRE term deposit accounts. From now onwards, banks can offer a return of 75 basis points over the London inter-bank offered rate (Libor) for dollars, ich is currently 4.58% for six months.
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