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) norms to attract NRI dollar inflows, boosting deposit rates at Ujjivan SFB and DBS Bank India.
- Step 11st-order: RBI eases FCNR(B) norms, allowing banks to offer higher deposit rates to NRIs.
- Step 22nd-order: Ujjivan SFB and DBS Bank India raise FCNR rates, attracting NRI dollar inflows and boosting their foreign currency deposits.
- Step 33rd-order: Increased NRI deposits improve banks' foreign currency liquidity, reducing reliance on wholesale forex markets and supporting the rupee.
Source: IN:Economic Times
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