The latest being the HDFC Bank announcement asking for NRE Deposits ata "all new 9% rate". May be we can also ask them to park money in good old savings accounts now back in Desh? Anyway banks do benefit if deposits at 9% are available. My guess is depositors are holding out, first for counter offers from other banks and for others, the next upward revision..9% seems like a bargain right now though it is way ahead of the earlier marks for NRE deposits

The remittance business to India was $58 bln in 2011 

Posted via email from The India Investment Post