Non-resident Indians will have to live with low returns on foreign currency deposits in the foreseeable future as major Indian banks are set to slash rates on foreign currency non-resident bank (FCNR-B) deposits.
State Bank of India, India’s largest commercial bank, recently cut interest rates on US dollar denominated deposits of one and two-year periods for NRIs by 11 basis points to 2.47%.
Many other public sector Indian banks are expected to slash interest rates on their FCNR-B deposits and as well as on NRI rupee deposits, which will also impact the rupee deposits of NRIs.
Read the full story here
State Bank of India, India’s largest commercial bank, recently cut interest rates on US dollar denominated deposits of one and two-year periods for NRIs by 11 basis points to 2.47%.
Many other public sector Indian banks are expected to slash interest rates on their FCNR-B deposits and as well as on NRI rupee deposits, which will also impact the rupee deposits of NRIs.
Read the full story here
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