Branch2 Intelligence
NRIs looking to park your dollars? Ujjivan SFB offers 7.5%, DBS up to 5.6% on FCNR deposits
Key takeaway
RBI eases FCNR(B) deposit norms to attract foreign currency inflows.
- Step 11st-order: RBI eases FCNR(B) deposit rate caps to attract foreign currency inflows.
- Step 22nd-order: Banks raise FCNR deposit rates, increasing cost of funds and potentially compressing NIMs.
- Step 33rd-order: Higher deposit rates may lead to tighter lending spreads, affecting SME loan pricing in India.
Source: Economic Times (Markets)
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