ICICI Bank has increased the interest rates on its NRE
deposits of non resident Indians by half a percent. The decision follows
the recent measures announced by the Reserve Bank that allowed banks
to offer higher interest rate on non resident Indian deposits to attract
larger foreign fund flows.
ICICI Bank in a press note said it has increased one year NRE deposit
by half a percentage point to 3.71 per cent. While for FCNR B deposits
denominated in USD, the interest for one year has been increased by
half percentage point to 2.96 per cent while deposits denominated in
British pound raised to 5.77 per cent from 5.27 per cent earlier. The
bank has affected similar increase in deposits made in currencies like
euro, Japanese yen, Australian dollar and Canadian dollar.