IDBI launches FCNR(B) SOD with 12x structured loan for NRIs
IDBI Bank just rolled out the FCNR(B) Special Opportunity Deposit with Structured Loan Facility, aimed at nonresident Indians (NRIs).
It's part of RBI's swap window, making it easier to get started with a lower minimum deposit of $50,000.
Plus, you can borrow up to 12 times what you put in, so there's some serious flexibility here.
IDBI offers up to 16.2% returns
If you're eyeing big returns, this scheme offers up to 16.2% annually based on your deposit amount and tenure.
For dollar deposits over $5 million (3 to 5 years), rates max out at 6.60%.
The loan facility charges 5.80% to 5.90% interest per year and lines up with your deposit maturity.
This launch follows RBI relaxing rate ceilings and banks like HSBC and SBI stepping up their game for NRIs; HSBC even lets you leverage deposits 19 times!