Foreign deposit rates hiked by RBI
By Neelima Shankar
Nov 24, 2011
Print    Email    RSS   

Banking and monetary regulator, Reserve Bank of India has announced a hike in interest rates of non resident Indians' (NRI) deposit accounts by different spreads.

,p>The FCNR deposits have seen a rise by 25 bps while NRE deposit rates have been raised by 100 bps. The revised rates have been brought to immediate effect.

The apex bank has directed in a notification that the NRE deposit rates in case of USD deposits should not supercede the LIBOR/SWAP rates with a spread of 275 bps for a deposit tenor of 1-3 years.

In case of FCNR (B) deposits, the interest rate should not not be in excess of the pervailing LIBOR/SWAP rates in addition to spread of 125 bps for deposits of all tenors.

Floating rate deposits will have interest rate reset period of 6 months, said the apex bank.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Medical Insurance: Save tax along with health
Do you know what led banks to calibrate...
Complete guide to TDS on fixed deposits in...
FD: Opportunity for retirees to diversify...
Recurring Deposits or Systematic...

MEXING: CaℒL Giℛℒ In Hoshiarpur 09855660911...
Sakeela.CaℒL Giℛℒs In Kharar 0985566O911...
NANGAL: CaℒL Giℛℒ In Una 09855660911 Escoℛt...

Federal Bank launched V connect for its customers Feb 12, 2015
Andhra Bank on expansion mode Feb 11, 2015
Dena Bank earned a profit of 13%. Feb 9, 2015
Banks expected to cut down the rates Feb 5, 2015
RBI kept the rates unchanged Feb 4, 2015
News Archive