A foreign currency deposit aimed at NRIs has been launched by the State Bank of India (SBI) according to news reports.
The five-year deposit, called the India Millennium Deposit (IMD), will be launched on October 21st, but is not open to depositors in the US. This is because of regulatory reasons that could take time to sort out, according to SBI’s chairman Mr G G Vaidya.
The IMDs, denominated in US dollars, UK Pound sterling and the Euro, carry an interest rate of 8.5 per cent, 7.85 per cent and 6.85 per cent respectively per annum payable in half years in the three currencies.
Road shows promoting the IMD are due to start next week in a range of countries.
- nriol.com report
We appreciate your feedback, please write to us at: feedback@nriol.com
