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Interest rate cap on NRE deposits ties fresh term deposit rates to LIBOR/SWAP plus a fixed margin. Interest rates on fresh Non-Resident (External) Rupee (NRE) term deposits for one to three years' maturity shall not exceed the LIBOR/SWAP rates for corresponding US dollar maturities plus fifty basis points, as on the last working day of the previous month; the three year rate applies to maturities exceeding three years and to renewals, with other NRI deposit terms unchanged.
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Provisions expressly mentioned in the judgment/order text.
Interest rate cap on NRE deposits ties fresh term deposit rates to LIBOR/SWAP plus a fixed margin.
Interest rates on fresh Non-Resident (External) Rupee (NRE) term deposits for one to three years' maturity shall not exceed the LIBOR/SWAP rates for corresponding US dollar maturities plus fifty basis points, as on the last working day of the previous month; the three year rate applies to maturities exceeding three years and to renewals, with other NRI deposit terms unchanged.
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