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SBI launches resident foreign currency a/c
February 14, 2003 19:12 IST
The State Bank of India on Friday introduced the facility of a resident foreign currency (domestic) account in 50 branches across the country.
The facility for RFC (domestic) account would be available in three currencies - US dollar, pound sterling and euro, the country's largest bank said in a media release.
The minimum balances specified for three currencies were $500, £250 and euro 500, it said, adding there would be no upper ceiling for balances held in such accounts, which come with a cheque book facility.
The customer would also be allowed to transfer funds from the RFC (domestic) account to other accounts in the bank, SBI said.
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