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Samples in periodicals archive:
NS) has announced plans to revise its interest rates on the foreign currency non-resident (banking) term deposits, The Economic Times has reported.
Other measures disclosed to support the rupee include liberalisation of the financial market by enhancing the limits for exporters to re-book cancelled forward exchange contracts and opening a special concessional window for swapping foreign currency non-resident (FCNR) deposits and dollar funds.
In response, a number of banks including Axis Bank, Federal Bank and IDBI Bank raised their interest rates in foreign currency non-resident (FCNR) and non-resident external (NRE) rupee deposits by 50-100 basis points for tenures of above three years.
Features of Non-resident deposits: Foreign Currency Non-resident (FCNR) deposits and Non-resident Rupee External (NRE) deposits
NS) has revised interest rates on its foreign currency non-resident (Banking) deposits with immediate effect, The Economic Times has reported.
However, non-resident--ordinary (NRO) rupee accounts and foreign currency non-resident (FCNR) accounts saw an outflow this year compared with an inflow last year, according to the central bank's data.
Regarding its Foreign Currency Non-Resident Account, or FCNR, he said Federal Bank is the only bank which offers a UAE dirham account.
Under amended guidelines, NRIs can open either a non-resident external or a foreign currency non-resident account with their resident close relatives.