- Wealth PMS
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 . . .