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October 9, 2000 		Feedback  
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SBI to float Millennium Deposits from Oct 21

The State Bank of India will float a five-year foreign currency denominated deposits called India Millennium Deposits on October 21 for mobilising funds from non-resident Indians.

The IMDs will be eligible for deposit by NRIs, overseas corporate bodies and banks acting in a fiduciary capacity on behalf of NRIs and OCBs. This will denominated in US dollar, British pound and euro. IMDs will carry an annual interest rate of 8.50, 7.85 and 6.85 per cent payable half yearly in the three currencies, respectively.

The depositor will have an option of receive in turn half year or an cumulative basis on maturity. The principle and interest thereon will be fully repatriable in respect of NRI holders.

The SBI proposed to involve other commercial banks as a collective bankers or arrangers for the IMDs, SBI Capital Market will be the advisor and lead arrangers to the millennium deposits.

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