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Wednesday, 12 December, 2018

Banks on a high as Goa’s NRI deposits total over `14K cr

MORE BANG FOR THE BUCK Indian banks offer much higher interest rates than banks in developed economies like Europe and the US Indian banks also offer attractive features on NRI deposits like interest income is tax-free and deposits are completely repatriable Rs 7,542 crore worth of NRI deposits were with bank branches in North Goa South Goa banks see deposits worth Rs 7,005 crore

07th October 2018, 03:29 Hrs

the goan I network

PANAJI

Believe it or not, the deposits made by non-resident Indians (NRIs) with all the scheduled commercial banks in Goa stand at a staggering Rs 14,547 crore as of June 30, 2018. Highly placed sources revealed this information to The Goan Everyday.   

It’s a well known fact that most NRIs of Goan origin are doing well financially. This is the reason that value of bank deposits made by the NRIs stand at a whopping Rs 14,547 crore in the State.  

Of this, Rs 7,542 crore worth of NRI deposits were with bank branches in North Goa and Rs 7,005 crore worth of NRI deposits were with bank branches of South Goa.  

Goan diaspora is spread all around the world and Goan origin NRIs frequently make deposits with bank-branches operating in the State. Indian banks offer much higher interest rates than banks in developed economies like Europe and the US. Due to this reason, NRIs prefer making deposits with Indian banks.  

Moreover, banks even offer attractive features on NRI deposits like interest income is