HDFC Bank has set up a two-day window for Non-Resident External (NRE) deposits offering interest rates that are significantly higher than those currently available, media reported.
Today, the window offers an annual rate of 6.80 per cent on NRE deposits worth Rs 2 crore to less than Rs 150 crore for tenures ranging from 12 months to 15 months.
According to website data, for domestic deposits worth Rs 2 crore to less than Rs 5 crore with a tenure of one year to less than 15 months, HDFC Bank currently offers 6.25%.
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HDFC Bank’s move comes after the Reserve Bank of India (RBI) earlier this month temporarily exempted banks from adhering to a regulation that prevented interest rates on NRE deposits from outstripping those on comparable domestic term deposits.
An email sent to HDFC Bank did not elicit a response.
With the rupee hitting a new low against the dollar, the central bank’s move is aimed at attracting more foreign money into India. That also happened ahead of Wednesday’s FOMC meeting.
