The deregulation of interest rates by RBI has brought a bonanza for the investors and NRI investors are taking a cake as their fixed deposit rate of interests have jumped by more than 100%. Yes bank was the leader in the segment with the first raise in this segment and led to the war in the rate hike among the banks.
The country's largest lender State Bank of India (SBI) and a few other banks, including Kotak Mahindra Bank, today announced a sharp hike in interest rates offered on nonresident external (NRE) deposits. SBI raised the interest rates on fixed deposits by non-resident Indians of less than Rs 1 crore with a maturity of one to two years to 9.25%, as against 3.82% earlier. However, NRE term deposits above Rs 1 crore and of the same maturity will attract 9% interest with effect from January 1, 2012.
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