The Hindu Business Line : Rate cap on NRI deposits with NBFCs

THE Reserve Bank of India has said that interest rate on fresh repatriable non-resident Indian (NRI) deposits accepted by non-banking financial companies (NBFCs) should not exceed LIBOR or SWAP rate for the US dollar, effective from close of business on April 17.

These rates would also be applicable to renewed repatriable NRI deposits after their present maturity period, said an RBI release.

Other instructions relating to maturity period of deposits would remain unchanged.

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