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Cap on interest rate on NRE deposits

MUMBAI OCT. 29. The Reserve Bank of India today said the interest rate on fresh repatriable non-resident external (NRE) deposit accepted by non-banking financial companies (NBFCs) on and from October 18 should not exceed 0.25 per cent above London Inter-Bank Offered Rate.

The RBI, in a release here, said other instructions relating to the maturity period of the deposits would remain unchanged and that this change would also apply to renewed repatriable NRE deposits after their present maturity period.

PTI

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