Mumbai, Oct 29: Reserve Bank of India today said the interest rate on fresh repatriable non-resident external (NRE) deposit accepted by non-banking financial companies (NBFCs) on and from October 18, 2003 should not exceed 0.25 per cent above London inter-bank offered rate. The apex bank had issued similar instructions to banks on October 18.
RBI, in a release here, said that other instructions relating to the maturity period of the deposits would remain unchanged and that this change would also apply to the renewed repatriable NRE deposits after their present maturity period.
Bureau Report