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SBI announces schemes to attract IMD investors

The State Bank of India (SBI) has launched number of deposit schemes to attract India Millennium Deposit (IMD) holders to reinvest their money in the country. The Rs 37,000-crore of IMDs are due for redemption on 29th December, 2005.

SBI is offering 40-50 basis points more than the interest offered on foreign currency non-resident (FCNR) deposits under SBI Supreme - one of the products launched by the bank.

The bank has also rolled out a customised structured offering including a targeted return option under the Relax & Gain option. The other product Dollar Premium is a dollar FCNR account with a forward cover for the rupee and will be offered at branches locally. The product is for depositors who agree to receive their dollar FCNR in rupees.

SBI offers 4.01 to 4.37 per cent on FCNR deposits depending on the maturity period. However, details about the rate of return on its fourth product called SBI Select, a multi-currency option deposits, are not revealed.

FAQ ON SBI's IMD (India Millennium Deposit) REDEMPTION .....Read here

STATE BANK OF INDIA (SBI) RELATED STORIES- Read here

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