......RBI further informed that as per an earlier circular, interest rates offered by banks on non-resident external or NRE deposits could not be higher than those offered by them on comparable domestic rupee deposits. But in order to provide the benefit of exemption provided on incremental NRE deposits with a maturity of three years and above from CRR/SLR requirements, banks have been given the freedom to offer interest rates on such deposits without any ceiling. However, the prevailing ceiling on non-resident ordinary or NRO accounts will continue as it is. These instructions will be valid up to 30 November 2013, subject to review..........
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