HDFC Bank Mumbai: According to persons acquainted with the situation who spoke to ET, HDFC Bank, India’s most valued institution, is alleged to have collected up to $300 million in NRE deposits by giving up to 50 basis points more than the going rates. These deposits were amassed last week over the course of two days. 0.01 percent is a basis point. The Middle East topped the list of new NRI depositors, with respectable performance being shown by the rest of Asia and Europe.
and interest-rate-unlimited NRE deposits from the Indian diaspora. These concessions are valid until, respectively, October 31 and November 4. If banks are given more regulatory assistance than they had in 2013, according to bankers, the reaction to NRE deposits from non-resident Indians might be much better.
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Higher Rates On NRE Deposits By HDFC Bank
More banks are likely to make similar offers now that India’s largest private lender HDFC Bank has established a two-day window for non-resident external rupee (NRE) deposits giving much higher interest rates than those already available, according to bankers.
The largest private sector bank in India, HDFC Bank, has updated its fixed deposit rates for domestic, NRO, and NRE deposits of less than or equal to 2 crores and up to 5 crores. Contingent to the official bank website Regular consumers will receive 2.50 percent under the new interest rates, while senior people would receive 3 percent for terms ranging from 7 to 29 days. For regular customers and senior people, the rates are 3 percent and 3.50 percent on a 30- to 40-day period, respectively.
The updated interest rate will also apply to the other tenure. The older folks (over 60 years of age) would receive a 0.50 percent higher interest rate on all FD tenures for normal clients. (Read more:- ITR Filing 2022)
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