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State Bank schemes to lure NRI funds

Mumbai, Sept. 25: The State Bank of India (SBI) today unveiled an attractive interest rate structure that is 25-50 basis points over the London inter-bank offered rate (Libor) for its Pravasi Samriddhi deposit scheme.

This scheme for non-resident Indians (NRIs) is aimed at retaining some of the proceeds from Resurgent India Bonds (RIBs).

Analysts pointed out that the interest rate offered by SBI could attract a good response. Based on yesterday's LIBOR/swap rates, the bank said interest rates were up to 1.67 per cent on the one-year dollar fixed deposits, 2.37 per cent for two-year and 3.05 per cent for three-year fixed deposits.

SBI has offered another scheme, Pravasi Vaibhav, denominated in rupees with payment on maturity in dollars, interest rates of which is related to its NRE deposits.

Meanwhile, Union Bank of India (UBI) and Punjab National Bank has also offered schemes to lure NRIs, whose RIBs mature on October 1. UBI today said it will offer rupee and foreign currency deposit schemes that will have both fixed and floating rate options.

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