ISSUING AUTHORITY : RESERVE BANK OF INDIA
DATE OF ISSUE : 14/08/2013
EFFECTIVE DATE : IMMEDIATE EFFECT
CIRCULAR NO. RBI/2013-14/186
In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949 and in modification of the directive DBOD. Dir. BC. 63/ 13.03.00/ 2011-12 dated December 16, 2011 on Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and Ordinary Non-Resident (NRO) Accounts, it has been decided that banks are free to offer Interest Rates without any ceiling on NRE Deposits with maturity of 3 years and above.
The extant ceiling on NRO Accounts shall continue.
These Instructions will be valid up to November 30, 2013, subject to review.
For detailed Circular, follow the Link given below:
DBOD.Dir.BC.40 /13.03.00/2013-14
In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949 and in modification of the directive DBOD. Dir. BC. 63/ 13.03.00/ 2011-12 dated December 16, 2011 on Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and Ordinary Non-Resident (NRO) Accounts, it has been decided that banks are free to offer Interest Rates without any ceiling on NRE Deposits with maturity of 3 years and above.
The extant ceiling on NRO Accounts shall continue.
These Instructions will be valid up to November 30, 2013, subject to review.
For detailed Circular, follow the Link given below:
DBOD.Dir.BC.40 /13.03.00/2013-14
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