No ceiling on Interest rate of NRE deposit
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Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits
In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949, and in modification of the directive DBOD. Dir. BC. 63/ 13.03.00/ 2011-12 dated December 16, 2011 on Deregulation of Interest Rates on Non-Resident (External) (NRE) Deposits and Ordinary Non-Resident (NRO) Accounts, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest so to do, hereby directs that

>>banks are free to offer interest rates without any ceiling on NRE deposits with maturity of 3 years and above.

The extant ceiling on NRO Accounts shall continue. These instructions will be valid up to November 30, 2013, subject to review.

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