After HDFC Bank, more banks may offer higher rates on NRE deposits

For domestic deposits worth Rs 2 crore to less than Rs 5 crore with a tenure of one year to less than 15 months, HDFC Bank offers 6.25 per cent, data on the lender's website showed

After India’s largest private lender HDFC Bank set up a two-day window for non-resident external rupee (NRE) deposits offering significantly higher interest rate than those currently available, more banks are likely to come up with such offers, bankers said.

“We will most likely be announcing a fresh set of rates for NRE deposits in the next couple of days. Our asset liability committee (ALCO) will be meeting to discuss the exact rate and it will be announced very soon,” an executive director at a private bank said.

The window offered by HDFC Bank, which is available on July 27 and 28, offers