Parking money with banks in India continues to be an attractive proposition for non-resident Indians (NRIs). Overseas Indians have cumulatively placed $1.167 billion as deposits with banks in the first two months of the current financial year as against $452 million in the corresponding period last year.
Bankers pointed out that with the benchmark 6-month London Inter Bank Offered Rate coming down sharply from over 3 per cent a year ago, to around 1 per cent now, deposits placed by NRIs with local banks overseas are hardly fetching them any returns.
Hence, NRIs are finding it remunerative to park their money with Indian banks, which are offering higher interest rates.
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