Thursday, February 16, 2012

BANKS TO ACCEPT DEPOSITS IN NINE CURRENCIES

Private Sector Banks have started accepting Foreign Currency Non-Resident (FCNR) deposits in nine
currencies. The bank will accept FCNR deposits in US, Canadian, Australian, Singaporean and Hong Kong dollars, as well as the British pound, euro, yen and Swiss franc with effect from November 1. Banks have also hiked the interest rates it offers on non-resident term deposits. FCNR deposits in the US dollar will get 1.94-2.69% interest in select maturities.

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