New Delhi: In order to attract more Non-Resident Indians (NRIs), the banks have started to revise their interest rates exponentially given the weak Indian currency against the US dollar.

The public sector banks raised interest rates from 3.82 percent to 9 percent on the immature saving plans for period of 1-2 years, while it was increased from 3.51 percent to 8.50 percent on 2-3 years schemes.

Similarly, the interest rate has been increased from existing 3.64 percent to 8.25 percent for the immature saving plans of 3-5 years.

As per the Reserve Bank of India’s new policy, Banks are empowered to fix their own interest rates on the amounts of NRIs.

The second largest private sector bank HDFC has increased its interest rate by 2.5 percent.

JPN/Bureau