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HDFC Bank raises the bar, offers 9% interest on NRE deposits
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  • HDFC Bank raises the bar, offers 9% interest on NRE deposits

HDFC Bank raises the bar, offers 9% interest on NRE deposits

FP Archives • December 20, 2014, 06:00:23 IST
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The Reserve Bank of India deregulated interest rates on non-resident external rupee deposits and ordinary non-resident accounts to provide greater flexibility to banks to attract dollars.

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HDFC Bank raises the bar, offers 9% interest on NRE deposits

HDFC Bank, India’s No. 2 private lender, will raise interest rates on non-resident savings deposits to 9 percent from 3.82 percent from Friday, taking advantage of recent deregulation to attract dollars as the rupee hits record lows.

The Reserve Bank of India deregulated interest rates on non-resident external (NRE) rupee deposits and ordinary non-resident accounts last Friday to provide greater flexibility to banks to attract dollars.

[caption id=“attachment_163605” align=“alignleft” width=“380” caption=“Reuters”] ![](https://images.firstpost.com/wp-content/uploads/2011/12/HDFCbank_Reuters1.jpg "HDFCbank_Reuters") [/caption]

HDFC will pay 9 percent interest on deposits of Rs 1 crore and above, maturing in 1-2 years, while deposits of Rs50 lakh to Rs 1 crore will earn 8.5 percent, said Abhi Aima, group head of equities and private banking.

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Foreigners have been fleeing Indian assets as India’s economic prospects cool, sending the rupee to record lows.

So far this year, foreign investors have been net sellers of $352.5 million of Indian shares against a record inflow of more than $29 billion in 2010.

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Earlier on Tuesday, smaller private lender Yes Bank raised its NRE deposit rate by 200 basis points to 6 percent for deposits of up to Rs 100,000. For balances above Rs 100,000 , it raised the rate by 300 basis points to 7 percent.

Yes Bank also raised its domestic savings deposit rates to 7 percent from 6 percent, becoming the first bank to raise rates twice this year to help build up its retail business.

Another private lender, Dhanlaxmi Bank , also said on Thursday it would raise deposit rates for NRE accounts to 8 percent for 1-3 years and 7.75 percent for 3-10 years.

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