NRE deposit rates hiked by Indian Overseas Bank
By Neelima Shankar
Jan 2, 2012
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Indian Overseas Bank (IOB), a public sector lender has announced increase in the Non-Resident External (NRE) deposit rates. This move has come in the wake that the foreign deposit rates have been deregulated by the Reserve Bank of India.

The deposit rates across all the maturity periods have been increased to 9.25 percent. This substantial increase in the deposit rate will attract the customer to invest with the bank. Hence, the bank can expect an increase in the inflow of foreign currency.

Leading banks like SBI, ICICI Bank, HDFC Bank and several other banks have already increased their foreign deposit rates.

The revised rates are applicable from January 02, 2012.

(Comments Posted : 2) Post Your Comments
1. Interest earned on NRE FDs are Tax Free.

Only interest on NRO accounts are taxed!!
sman (Posted: Jan 2, 2012)
2. NRE interest should be at least 10%(tx free) and also the nationalised bank should introduce a new scheme or deposit for NRE people to get a regular income like pension with highrer interest, once they are back home, which will attract good response and huge remittance.
babuji (Posted: Jan 2, 2012)
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