Now having economic slope down, the new strategy is being used to hike the price of value by The Reserve Bank of India is to deregulate interest rates on non-resident external (NRE) rupee deposits and ordinary non-resident accounts.
And there are many banks that have increased the interest rates on fixed deposits held by non-resident Indians (NRIs). Private lender Yes Bank has increased to 9.6 per cent from 3.82 per cent.
Beside this, the interest rate on non-resident external (NRE) rupee deposits to 9.25 per cent from 3.82 per cent has been fixed by IndusInd Bank.
But tremendous hike in rate of interest on NRE deposit has been made by the Lakshmi Vilas Bank that is fixed lender different terms. Read More
As per the latest news, the interest rate for home savings accounts, with balances over Rs 1 lakh, has been increased by 100 basis points, to 7% from 6%.
