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Banks in India to offer higher rates of interests on Fixed Deposits placed by NRIs

Banks in India are set to offer higher interest rates to the fixed deposits placed by NRIs (Non Resident Indians).

The Reserve Bank of India deregulated interest rates on non-resident external (NRE) rupee deposits and ordinary non-resident accounts recently. It will provide greater flexibility to banks to attract dollars.

Yes Bank has raised the rates to 9.6 % from 3.82 %. The new rate is being offered on term deposits of 15 months-15 days to 16 months. Not only that Yes bank has also increased the interest rate on saving bank account deposits to 6%.

INDUSIND Bank has also raised interest rates on its non-resident external accounts to 9.25 % for deposits of Rs. 10 million and above across tenors from an earlier 3.82 %. Interest rates on deposits of less than Rs. 10 million will earn 8.75 %.

HDFC Bank which commands second position in the private lending in India, has raised its interest rates for non-resident savings deposits to 9 % from 3.82 %.

Banks are likely to see a strong inflow of funds from NRIs in the coming days, especially since dollar has risen to the historical levels of Rs. 53/- against Indian Rupee and banks are offering better interest rates.