Express Money News

Increase in FCNR, NRE interest rates

Mangalore, July 8: Effective July 1, banks have increased the interest rate on FCNR (foreign currency non-resident) deposits and NRE (non-resident external) deposits. The FCNR rate has been increased from 5.43 per cent to 5.69 per cent for a deposit of one to two years, and from 5.51 per cent to 5.72 per cent for five years. The NRE rate has been increased from 6.43-6.5 per cent to 6.7 per cent across all tenures.

Maruti online gift scheme for NRIs

Maruti’s new programme for NRIs, ‘Dil Se’, allows them to buy a car online on www.marutinri.com and gift it. The company, which has tied up with Citibank for car finance, has designed a system that allows NRIs to monitor every stage of the transaction, from order to delivery. Since the car is a gift in kind, the recipient will not suffer tax irrespective of whether or not he is a close relative of the person making the gift .

Domestic airlines raise ticket prices

Faced with rising aviation turbine fuel (ATF) prices, domestic airlines are increasing their fuel surcharge. While Jet, Indian, Air Deccan and Air Sahara have raised the surcharge from Rs 250-300 to Rs 500, effective July 7, other carriers like SpiceJet, Kingfisher and Go Air are expected to follow suit. The hike applies to both business and economy class tickets on all domestic routes. Jet and Air Sahara are also applying the hike to tickets denominated in foreign currency.