What are the rates of interest offered on various NRI deposit schemes?
You get 4.5% as rate of interest on your savings balance in NRE and NRO accounts For deposits under NRE and NRNR scheme, banks in India have been given liberty to offer their own rates (SELECT ? INTEREST Calculator) For deposits in FCNR Accounts, banks have been given the freedom to offer their own rates of interest but subject to the following ceilings: * On deposit of 6 months and above, but less than one year – the interest rate ceiling has been reduced by 25 basis points w.r.t the LIBOR rate prevailing on the preceding Friday for that particular currency. * On deposits of one year and above – the interest rates have been increased by 50% basis points w.r.t the LIBOR rate prevailing on the preceding Friday for that particular currency. Q5) Is a nomination facility available in respect to NRI Bank accounts in India? A) Yes, the Nomination facility was introduced in 1985. You can nominate a single person in case of your bank accounts and fixed deposits. You can also appoint a minor pe
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