Nri Banking
Latest news, explainers and analysis on Nri Banking. Tracking 2 stories on Arth Vani.
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HDFC, ICICI Bank Raise Dollar Deposit Rates Ahead of Sept 30 Scheme End
HDFC Bank and ICICI Bank have increased interest rates on their dollar-denominated FCNR(B) deposits. This move aims to attract foreign currency as a special scheme for these deposits concludes on September 30, 2022. The rate adjustments are a response to rising global interest rates and increased borrowing costs overseas.
Banks Seek RBI Nod to Help NRIs Switch to Higher Interest Deposits
Indian banks are requesting the RBI to allow NRIs to break existing foreign currency deposits and re-invest them at higher interest rates without heavy penalties. This move follows a temporary RBI scheme to boost dollar inflows by absorbing currency hedging costs.
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