Professional Answers on Investments
Insurance, Mutual Funds, Sensex, Nifty, Financial Planning
individual bank decide their rates now. so their cannot be a general answer.
The interest rates for deposits under FCNR (B) scheme has now been left to individual banks. However RBI has issued guidelines for fixing the rates these rates are related to the LIBOR/LIBID rates and a celing of margin over and above these rates is specified. LIBOR rate is the interbank offered rate of interest on deposits. These rates are quoted for various currencies and as per RBI guidelines the interest rates prevailing on the last working day of the month will be taken as a base for fixing the interest rates for the next month
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