Bank of India, ICICI Bank, and Axis Bank among others are some of the leading banks offering the best interest rates on NRO deposits with two-year tenure.
Mecklai graph of the day: Indians working abroad have pumped in a record $4.753 billion in local bank deposits during April and May. The increase in NRI deposits is noteworthy because there has been a consistent increase in non-resident external (NRE) rupee accounts.
Executive director of Federal Bank, PC John, says that they expect flows to NRE deposits to increase post RBI's move to open up interest rates on NRE and NRO deposits.