Sberbank launches retail rupee deposit

MOSCOW. Sept 3 (Interfax) - Sberbank has launched a new deposit for retail customers in Indian rupees, Russia's leading lender reported.

Deposits in rupees can be opened for terms of one, two, three, six, nine or 12 months, with the interest depending on the duration of the deposit. The minimum deposit is 100,000 rupees and there is no maximum.

Customers can earn a maximum return of 3.56% per annum (with capitalization of interest) on deposits upwards of 100,000 rupees with terms of one year.

There is no need to purchase rupees ahead of time to open a deposit. Customers can transfer money from their accounts or cards in rubles or another currency and it will be converted to rupees at the bank's exchange rate at the time the transfer is confirmed.

Cash can be withdrawn from these deposits only in rubles.

Sberbank launched rupee deposits for legal entities in April 2024.