NEWS & ADVICE : FIXED DEPOSITS
Foreign deposit rates hiked by RBI
By Neelima Shankar
Nov 24, 2011
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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.


 


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