NEWS & ADVICE : CAR LOANS
Schemes offered to NRI customer's by foreign banks
By Joseph Samson
Sep 17, 2013
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Foreign banks are now providing NRI's different incentives like cheaper rates of the swap between dollars to rupee so that they can opt for dollar deposit in India. This would revive the practice used in 2000 when the rupee was down.

A senior economist at CLSA Singapore, Rajeev Malik stated that the scheme provided to the NRI's was unique due to leverage that was given. The reason behind it is due to the slow government actions.

There have been special bank accounts that have been launched by foreign banks like Standard Chartered, DBS and Citi. To help save the rupee value, the RBI has freed the interest rates on FCNR bonds.

The leverage would be given only to selected customers as efforts are being made by both local as well as foreign banks to save the rupee in every way they can as well as ensuring that no undue advantages is being taken.


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