Sberbank launches deposits in Indian rupees for legal entities

MOSCOW. April 16 (Interfax) - Sberbank has provided the opportunity for corporate clients to open deposits in rupees, the state-owned bank said.

The highest rate on irrevocable deposits in rupees is 5.11% per annum, which is available when depositing funds for one year in the equivalent of $60 million.

"Many of our corporate clients are increasingly looking toward the alternative currencies of friendly countries, so we have been actively developing the corresponding product line," Sberbank's Deputy Executive Board Chairman Anatoly Popov said in a press release, noting that the bank expects demand for the placement of deposits in rupees.

Sberbank's corporate clients also have access to currency-risk management products in the rupee-ruble pair in addition to deposits.