Interest Rate on NRIs Deposits.

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....nterest Rate on NRIs Deposits. <br>News and Press Release<br>Dated:- 11-5-2012<br><BR>Press Information Bureau Government of India Ministry of Finance 11-May-2012 17:44 IST Interest Rate on NRIs Deposits To provide greater flexibility to banks in mobilizing non-resident deposits and in view of prevailing market conditions, the Reserve Bank of India (RBI) deregulated interest rates on Non-Resi....

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....dent (External) Rupee (NRE) Deposits and Savings deposits under Ordinary Non-Resident (NRO) Accounts with effect from 16 December 2011. After the deregulation almost all banks increased their NRE term deposit rates in the range of 349-628 basis points across various maturities to align with domestic term deposits. In the post deregulation period up to 20.04.2012, Non-Resident Indians (NRI) deposit....

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.... increased by 12.1 per cent (Rs.33,874 crore); and NRO deposits grew marginally by 1.9 per cent (Rs.1,199 crore). However, Foreign Currency Non Resident [FCNR(B)] deposit contracted by 3.8 per cent during the period. Further, with effect from 4 May 2012, RBI raised the interest rate ceiling on FCNR (B) deposit of banks from 125 basis points above the corresponding LIBOR/Swap rates to 200 basis poi....

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....nts for maturity period of one year to less than three years, and to 300 basis points for maturity period of 3 to 5 years. This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in Lok Sabha today. * * * DSM/SS/Hb<BR> News - Press release - PIB....