To attract more dollar inflows, the Reserve Bank has extended the deregulated interest rate scheme for NRE deposits till January 31 next year.The RBI said in a notification that banks will continue to get exemption provided on such deposits from CRR and SLR requirements during this period.The RBI also extended the interest rate ceiling on FCNR-B deposits of one to three year maturity and three to five year maturity to January 31.The central bank had earlier lifted the interest rates ceiling on these deposits up to today to shore up dollar inflows and to contain fall in the rupee value.
News On AIR | November 30, 2013 10:18 AM
RBI extends deregulated NRE deposit schemes till 31st Jan 2014