Financial Daily from THE HINDU group of publications
Wednesday, Oct 01, 2003
Financial Daily from THE HINDU group of publications Wednesday, Oct 01, 2003 |
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Money & Banking
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Private Banks ICICI Bank package for RIB holders Our Bureau
Mumbai , Sept. 30 ICICI Bank has announced an offering to attract Resurgent India Bonds (RIB) proceeds following similar schemes from State Bank of India, Union Bank and Punjab National Bank. The foreign currency deposit scheme for non-resident Indians denominated in dollar, euro and pound sterling will be offered from the bank's offshore banking unit in Mumbai. The indicative rate of returns vary from 1.62 per cent per annum for one year, 2.27 per cent for two years, 3.01 per cent for three years, 3.35 per cent four years, 4.02 per cent for five years and 4.43 per cent for six years on dollar deposits. The scheme offers term deposits with tenors ranging from three months to six years, a bank release said. The $5.5-billion RIB proceeds are to mature on October 1, 2003 and Indian banks have come out with various deposit schemes in an attempt to keep the monies in the country.
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