Sunday 14 April 2013

Increase in bank deposits of Indians living abroad

Non Resident Indians, deposits increased to 1.338 million dollars (73,590) an subsequent increase of 37% in the current Financial year 2012-13. 
In the previous Fiscal year 2011-12 it was $ 973 billion (Rs 53,518 crore). 
Various banks offer high interest for NRI deposits is considered as the main reason.  
In this case, the value of the rupee against the U.S. dollar is falling, and this intend to Indians living abroad, makes deposits in banks. State Bank of India, provides NRI deposits ranging from 1-10 years is 8.75 percent interest. Deposits of this type carried out under specific period of time, during the fall of the rupee value, to benefit from banks. Currently, the equivalent rate of a dollar falling in value, is 54.50. At the same time, deposit maturity period, the value of rupees to the dollar, has risen to 50 rupees. It makes a gain of Rs4.50 per dollar.  
This makes overseas Indians to deposit their money in banks.

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