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RBI caps interest rates on NRE deposits

BL Research Bureau

TO CURB forex inflows, the Reserve Bank of India has reduced the interest rates on non-resident external (NRE) deposits by 150 basis points from September 15. Interest rates on fresh repatriable NRE deposits for one to three-year maturity now stand at 100 basis points above the LIBOR/SWAP rates for the US dollar.

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