(a) the total amount of money received by the banks from the Non
Resident Indians (NRIs) during each of the last three years;
(b) the rate of interest being paid by the banks on NRI deposits;
(c) how far the same compare with the interest being paid by some of the
other countries;
(d) whether NRI are allowed to repatriate their deposits in the Indian
banks in dollars; and
(e) if so, the terms on which the NRIs deposit their money in the Indian
banks ?
MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI ANANDRAO V. ADSUL)
(a) :As per Reserve Bank of India, the details of deposit inflows and out
flows under various NRI deposit schemes of Banks are as under:
(US $ million)
Deposit Schemes 2000-01 2001-02 2002-03
Foreign Currency Non-Resident (Banks) 904 594 520 Non-Resident (External) Rupee Account 860 1626 5988 Non-Resident (Non-Repatriable) Rupee Deposit 553 508 -3704
TOTAL 2317 2728 2804
(b): The rate of interest paid by the bank`s on NRI deposits is as under:-
Type of deposits Rate of interest
NRI Saving Bank 3.5% (with effect from 1.3.2003) Current Accounts Nil Term Deposits The banks were free to decide the interest rate till 16.7.2003. Effective from 17.7.2003 interest rate should not exceed 250 basis points above the LIBOR/SWAP rates for US dollar of corresponding maturity, for fresh deposits of one to three years and the renewal of matured deposits.