NRE customers can now avail upto 7.40% interest p.a. on 888 days Fixed Deposit, offering an annualized yield of 7.61%. The Recurring Deposits (RD) interest is also increased to 7.30% for 30 & 36 months NRE RDs.
The revision of NRE Deposit rates is in line with the recent relaxation offered by Reserve bank of India for mobilization of fresh NRE and FCNR (B) deposits for a limited time period. The increase in interest rates will make savings more lucrative for Non Resident Indians and hence will incentivize them to remit more funds to India from their home country.
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