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Foreign Exchange Management Act
Date: Oct 18, 2003 Ceiling on Interest Rate on NRE Deposits In order to provide consistency in the interest rates offered to non-resident Indians, the interest rates on repatriable Non-Resident (External) Rupee (NRE) deposits were linked to LIBOR/SWAP rates for US dollar since July 17, 2003. On a review, it has been decided that, until further notice, the interest rates on fresh repatriable Non-Resident (External) Rupee (NRE) deposits for one to three years contracted effective close of business in India on October 18, 2003 should not exceed 25 basis points(as against 250 basis points announced on July 17, 2003 and 100 basis points on September 15, 2003) above the LIBOR/SWAP rates for US dollar of corresponding maturity. The maturity period of repatriable NRE deposits would continue to be one to three years and the interest rate as determined above for three year deposits would also be applicable in case the maturity period exceeds three years. The changes in interest rates will also apply to repatriable NRE deposits renewed after their present maturity period. Alpana Killawala Press Release : 2003-2004/521 |
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