ISSUING AUTHORITY : RESERVE BANK OF INDIA
DATE OF ISSUE : 31/01/2014
EFFECTIVE DATE : 01/01/2014
CIRCULAR NO. RBI/2013-14/476
The freedom to offer interest rates on incremental NRE deposits with maturity of 3 years and above without any ceiling in order to pass on the benefit of exemption provided on such deposits from CRR / SLR requirements will remain unchanged up to February 28, 2014.
With effect from March 1, 2014 the interest rate ceiling will revert to the position prior to August 14, 2013, i.e. interest rates offered by banks on NRE deposits cannot be higher than those offered by them on comparable domestic rupee desposits.
For detailed Circular, follow the Link below:
RBI/ 2013-14/476
The freedom to offer interest rates on incremental NRE deposits with maturity of 3 years and above without any ceiling in order to pass on the benefit of exemption provided on such deposits from CRR / SLR requirements will remain unchanged up to February 28, 2014.
With effect from March 1, 2014 the interest rate ceiling will revert to the position prior to August 14, 2013, i.e. interest rates offered by banks on NRE deposits cannot be higher than those offered by them on comparable domestic rupee desposits.
For detailed Circular, follow the Link below:
RBI/ 2013-14/476
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