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SBI launches two deposit schemes for NRIs

By Our Special Correspondent

MUMBAI SEPT. 12. State Bank of India today unveiled two deposit schemes for non-resident Indians (NRIs), Pravasi Vaibhav and Pravasi Samriddhi, which will be launched from September 24 for a limited period.

Pravasi Vaibhav is a deposit scheme denominated in rupees with payment of maturity proceeds in U.S. dollars.

The foreign currency received from the customer will be converted by the bank into Indian rupees to issue NRE Special Term Deposit Receipt (NRE_STDR) for one year. Simultaneously, a forward contract will also be booked for the customer for one year to convert the proceeds of the NRE_STDR into dollars on maturity.

Pravasi Samriddhi deposit, which will be booked at bank's off-shore banking units (OBUs) at Bahrain, Nassau and SEEPZ (Mumbai) offers NRIs the opportunity for investment on floating or fixed rates of interest, on cumulative and non-cumulative basis.

Pravasi Samriddhi deposit will be denominated in dollars and euros.

The stipulated minimum amount is $5000.

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