Mumbai, Oct 9 :    Mumbai, Oct 9:  State Bank of India has decided to give the US a miss during its new round of funds shopping binge. According to SBI chairman G. G. Vaidya, the bank will not 'implement' its much-talked-about India Millennium Deposit scheme in the US because of the time factor. The five-year foreign currency denominated deposit is aiming to raise $ 2 billion (Rs 9,000 crore). The bank plans to invest 40 per cent of the amount in government securities while the remaining amount will be used to finance infrastructure projects. Vaidya said the bank had been advised by its US counsel that regulatory clearances to implement the IMD programme in that country would require more time than the proposed time frame for this programme. 'Accordingly, the IMD programme will not be implemented in the US,' he said. The scheme, to be launched on October 21, is targeted at the non-resident Indian (NRI) community. It will be denominated in US dollar, pound sterling and euro and will carry interest rates of 8.50 per cent, 7.85 per cent and 6.85 per cent, payable half-yearly, in the three currencies respectively. The deposit scheme, will be in the nature of certificates of deposit, which is transferable by endorsement and delivery. It will be open for a period of 30 days, but can be closed on any date prior to this period at the discretion of the SBI and it will be only launched in those countries where approval has been given. According to Vaidya, the cost of raising IMD will be cheaper than that of Resurgent India Bonds (RIBs). While the RIBs were procured at 7.75 per cent (2.25 per cent over the then six month Libor), the IMD at 8.50 per cent will be only 1.75 per cent over the six month Libor. Vaidya said the bank would retain any excess funds above the core amount depending on market circumstances. Though the ratio of how much foreign currencies would be converted into rupees has not yet been decided, the SBI chief said that besides funding infrastructure projects, the money would be utilised to fund foreign operations of the bank. While 40 per cent of the proceeds will be parked in government securities, 50 per cent will be with various banks which will help SBI in mobilising deposits. For such banks, the SBI would on-lend funds at an interest rates of 10 per cent.