The State Bank of India (SBI) today announced two new deposit schemes for non-resident Indians, namely Pravasi Vaibhav and Pravasi Samriddhi.
Pravasi Vaibhav is a deposit scheme denominated in rupees with payment of maturity proceeds in US dollars.
Thereby, foreign currency received from the customer will be converted by the bank into rupees to issue an NRE Special Term Deposit Receipt (NRE-STDR) for one year.
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This will be supplemented by a forward cover to be booked for the customer for one year so as to facilitate the conversion of rupees to dollar after maturity.
The yield under the scheme will depend on the interest rates on NRE deposits and cost of forward cover prevailing on the date of issue.
While the minimum amount for subscription to the scheme will be $10,000 or equivalent , the product will be offered at 26 branches across the country catering exclusively to NRIs.
Similarly, Pravasi Samridhhi deposit will be booked at bank