India- ICICI ups NRE, FCNR deposit interest rates 

(MENAFN - Bahrain Tribune) ICICI Bank, the biggest private sector bank in the country, yesterday announced half a percentage point increase in the interest rates on its NRE and FCNR deposits of non resident Indians effective September 17. The decision follows the recent measures announced by the Reserve Bank that allowed banks to offer higher interest rate on non resident Indian deposits to attract larger foreign fund flows.

ICICI Bank in a press note said it has increased one year NRE deposit by half a percentage point to 3.71 per cent. While for FCNR B deposits denominated in USD, the interest for one year has been increased by half percentage point to 2.96 per cent while deposits denominated in British pound raised to 5.77 per cent from 5.27 per cent earlier.