Country’s largest lender State Bank of India on Friday revised interest rates for deposits by non-resident Indians (NRIs) across maturities and currencies. Under the revised rate structure, NRIs will get up to 26 basis points more for deposits in foreign currencies, while the rates for deposits in Indian rupee have gone down marginally, a release issued here by the bank said.
A deposit in Euros for a maturity above four years but less than five years will earn an NRI 3.90 per cent per annum as against the earlier 3.64 per cent, the release said, adding, in some categories, the rates have been revised downward as well.
Rupee deposits by NRIs till five years have also seen marginal declines in the interest rate by up to 3 basis points, it said.
So what is the reason behind this. Does this mean the governament of India does not want Indian ruppees. Is this an encouragement by the Government for NRI to keep their money abroad? If that is so why now say it loud and clear. I’ll be most happy to comply. After all it has come to light that many Residents are hoarding money to the tune of lakhs of crores illegally abroad. So why not NRI’s legally abondon sending Indian Rupees to India.