![]() ![]() Such relaxations are available until October 31 and November 4, respectively. On July 6, the Reserve Bank of India (RBI) permitted banks to garner FCNR (B) and NRE deposits from the Indian diaspora without any interest rate cap. ![]() "The window was kept open as an experiment, and it coincided with the US Federal Reserve policy announcement," said one of the persons cited above. The relative success of this round of deposit garnering could prompt HDFC Bank to open more such dedicated windows for overseas investors until November. ![]() The Middle East led the list of new NRI depositors, while the rest of Asia and Europe didn't do too badly either. These deposits were garnered over two days last week. HDFC Bank, India's most valuable lender, is said to have raised up to $300 million in NRE deposits, offering up to 50 basis points more than the prevailing rates, people familiar with the matter said. ![]()
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