Soon after the Reserve Bank of India (RBI) revised the guidelines for FCNR and NRE deposits, Allahabad Bank today announced revised rates for rupee and foreign currency deposits by non-resident Indians.
An official of Allahabad Bank said the bank has raised the rates on FCNR and NRE deposits in view of the revised RBI guidelines.
He said funds from this source were coming and there was no dip in spite of the global financial meltdown.
Meanwhile, another city-based PSB, UCO Bank, would also follow suit soon.
An official of UCO told PTI that the ALCO of the bank would meet shortly to revise the rates on NRE and FCNR deposits.
To a query, he said NRI remittances had been a source of funds for the banks, but not a major one. "It is a part of the funding source," he said.
The official said funds from this source was coming in and there was no interruption.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app