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Banks increase the interest rates steeply to tempt NRE deposits
Reserve Bank of India move to relieve the rates of interest to the non resident external (NRE) rupee deposits and also for ordinary non resident accounts had promoted the banks to draw in the dollars. Lot of banks had announced a immerse increase in the interest rates on fixed deposits held by the NRI’s (Non-Resident Indians).
One of the Private lender Yes Bank had altered the interest rates on fixed deposits held by NRIs (Non-Resident Indians) from 3.82 per cent to 9.6 per cent.The new interesr rate is being offered on term deposits of 15 months 15 days to 16 months. The bank had also raised savings bank rate by 6 per cent.
According to the CEO of YES Bank Mr. Rana Kapoor the higher rates, along with the dollar’s recent rise against Indian rupee, are will encourage the foreign exchange inflows.
Lakshmi Vilas Bank for its part had retooled the interest rate for NRE term deposits with effect from 22th December. Deposits under the maturity slab of one year to below two years will in fact attract ten percent from the previous rate of 3.82 percent. Deposits of 2 years to less than 3 years will get 8 % against which was 3.51 % earlier and 3 years above terms will get 7 per cent.
IndusInd Bank has increased the interest rates on the deposits made by NRE’s to 9.25 % where as the KVB (Karur Vysya Bank) has altered its rate to 10 %.
Banks increase the interest rates steeply to tempt NRE deposits
Originally published on: All India Today
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