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of <h1>RBI Revises Interest Rates on NRE Term Deposits for Urban Cooperative Banks, Effective September 16, 2008.</h1> The Reserve Bank of India has revised the interest rates on Non-Resident (External) Rupee (NRE) Term Deposits for urban cooperative banks. Effective from September 16, 2008, the interest rates for NRE deposits with maturities of one to three years should not exceed the LIBOR/SWAP rates plus 50 basis points for US dollar deposits of corresponding maturities, as determined on the last working day of the previous month. This adjustment also applies to NRE deposits renewed after their current maturity period. All other conditions for NRI deposits remain unchanged.
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