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Interest Rates on NRI Deposits High on MOIA’s Agenda
Wednesday, June 20, 2007

The low interest rates on NRI deposits have been a cause of concern for the Ministry of Overseas Indian Affairs, which it now plans to take up with the Indian Prime Minister and the Finance Ministry.

The Minister holding the Overseas Indian Affairs portfolio, Vyalar Ravi is concerned that the rising rupee is affecting the savings of NRIs remitting money to India.

Having gained from NRI remittances , the country needs to compensate the NRIs with better interest rates, feels the Minister. The Finance Minister of Kerala, T. M.

Thomas Isaac has already initiated the discussion on hiking the interest rates on NRI deposits.

The state is gravely affected by the drop in rates as a large population of Kerala depends heavily on NRI remittances.

Concerned Members of Parliament from Kerala would be taking up the matter with the Centre shortly. Meanwhile, The Union Minister of State for External Affairs, E. Ahamed is optimistic that the Finance Ministry would take steps to ensure that the NRIs would not be adversely affected by the rising value of the rupee.

Related Reading

NRI Workers to be Protected by MOIA’s Model Contract
Welfare Fund for NRIs Proposed by MOIA
State Bank Hikes Interest Rates on NRI Deposits
More Banks Raise Interest rates on NRI deposits


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