Question

Consider the following statements for Indian Millennium Deposits (IMDs) scheme:
1. The scheme was launched by the Reserve Bank of India.
2. It was intended for NRIs and Resident Indians both.
3. The tenure of IMDs was $5$ years.
Which of the statements given above is/ are correct?

• A. $3$ only
• B. $2$ only
• C. $1$ and $2$
• D. $2$ and $3$

Answer 1

Answer: (A)

$3$ only

Indian Millennium Deposits (IMDs):
(i) Introduced in $2000-01$ by SBI.
(ii) Tenure of IMDs - $5$ years
(iii) Objectives: The scheme was to provide an investment opportunity for NRIs in long-term fixed income instruments.