India’s most valuable bank, HDFC Bank, is said to have raised $300 million in NRE deposits, 50 basis points above prevailing rates, people familiar with the matter told ET. Deposits were made in two days last week. A basis point is 0.01%.

The Middle East tops the list of new NRI savers, while the rest of Asia and Europe are not far behind.

The relative success of this round of deposits may prompt HDFC Bank NSE 2.45% to open more such dedicated windows for overseas investors until November.

“As an experiment, the window has been kept open, coinciding with the Fed’s policy announcement,” said one of the people cited above.

On July 6, the Reserve Bank of India (RBI) allowed banks to collect FCNR (B) and NRE deposits from Indian ex-pats without any interest rate cap. Such relaxations will be effective until October 31 and November 4, respectively. The central bank also eased rules on foreign commercial lending to curb capital outflows and ease pressure on the rupee.

Bankers said the response to NRE deposits by non-resident Indians could have been better if banks had received additional regulatory support in 2013.

The move coincided with the Fed’s planned policy rate decision, which raised the cost of funds by three-quarters of a percentage point.

However, for NRE deposits, the risk of exchange at maturity must be borne by the depositor. The deposit plan recommends paying 6.8% annually. For tenors of 12-15 months, HDFC Bank is offering domestic depositors rates of 5.75-6.25%, with deposit rates ranging from Rs 2 crore to Rs 5 crore on international issuance.

NRE and FCNR deposits differ in the approved currency denominations of their respective instruments, with the US dollar being the predominant unit of savings in the latter category.

Overseas depositors cannot opt for early withdrawal. The window for NRE term deposits remains open on July 27 and 28.

The goal is to secure inflows into the US dollar amid an influx of global safe-haven assets. Indians residing abroad may deposit rupees as doing so serves the needs of households in the country.

According to RBI Governor Shaktikanta Das, the response to such measures can be assessed in at least two months.

Since the RBI announcement, a large Mumbai-based public sector bank reported a 12% increase in NRE and FCNR deposit collections.