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Banks are raising FCNR(B) deposit rates to attract dollars amid global rate increases. ICICI Bank and HDFC Bank have already adjusted their offerings for dollar deposits. Higher overseas borrowing costs and market competition necessitate these rate adjustments. Global benchmark rates have risen since the scheme's operationalization in June. This special scheme for attracting foreign currency cl….
HDFC, ICICI Bank rates up for dollar deposits
Impact Score
Market Sentiment
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Banks are raising FCNR(B) deposit rates to attract dollars amid global rate increases. ICICI Bank and HDFC Bank have already adjusted their offerings for dollar deposits. Higher overseas borrowing costs and market competition necessitate these rate adjustments. Global benchmark rates have risen since the scheme's operationalization in June. This special scheme for attracting foreign currency cl…
Key Highlights
Banks are raising FCNR(B) deposit rates to attract dollars amid global rate increases.
ICICI Bank and HDFC Bank have already adjusted their offerings for dollar deposits.
Higher overseas borrowing costs and market competition necessitate these rate adjustments.
Source
Economic Times
Published
8h ago
Impact Score
70 / 100
Category
Indian Markets
Moderate near-term volatility expected while markets assess implications for Indian Markets.
What this means
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