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NRI Deposit Rates Deregulated

RBI has deregulated the interest rate on NRI deposits of one year or more.

There are some ridiculous definitions for NRIs – they have to deal with “NRE”, “NRO”, “FCNR” and such crap. What you need to remember is that some of the deposits can be taken back, or “repatriated”, in dollars – the others stay in rupees in India. NRE is converted to rupees and interest is paid on it, and returned Why the difference? Because India doesn’t have a convertible . . .

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