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     Ustad Side Hero Username: Ustad Post Number: 6605 Registered: 07-2008 Posted From: 76.173.42.79 Rating: N/A |
After putting curbs on speculative trading in forex markets on Thursday, Reserve Bank of India has liberalised interest rates on non-resident rupee deposits and accounts. Accordingly, banks are free to determine their interest rates on both savings deposits and term deposits of maturity of one year and above under Non-Resident (External) Rupee (NRE) Deposit accounts and savings deposits under Ordinary Non-Resident (NRO) accounts with immediate effect. RBI used to determine interest rates offered to non-resident deposits. It had fixed an interest rate of 4 per cent per annum till date. Now, banks can offer more than 4 per cent to attract foreign deposits. http://profit.ndtv.com/News/Article/rbi-allows-banks-to-fix- rates-on-non-resident-deposits-294274?pfrom=home-otherstorie s Fan of Fab 5: Sachin, Rahul, Saurav, Laxman and Kumble. |
