The State Bank of India targets 35 per cent of the $5.5 billion Resurgent India Bonds' proceeds mainly through the new non-resident Indian schemes, Pravasi Vaibhav and Pravasi Samriddhi, even after the Reserve Bank of India tightened the NRI deposit norms on Monday.

"The bank will peg the deposit rates of the two new schemes on September 24. We still expect to retain 30-35 per cent of the RIB proceeds," senior SBI officials told PTI in New Delhi on Tuesday.

This is despite RBI's new norm capping NRE deposit rates at 1 per cent above Libor.

SBI had to rework its special deposit schemes earlier when RBI capped the NRE rates 2.5 per cent above Libor two months ago.

Last week, SBI chairman A K Purwar announced two special deposit schemes for non-resident Indians from September 24, keeping in mind the RIB coming up for maturity on October 1.

The rates on the new schemes would be announced after taking into account the Libor and forward cover rates, SBI officials said, adding it would still be attractive to NRIs and RIB investors.

G C Jashnani, officer on special duty for RIBs, SBI, said the Pravasi Vaibhav scheme would be offered at 26 branches across the country catering exclusively to NRIs.

Pravasi Vaibhav is a one-year tax-free deposit scheme denominated in rupee with payment of maturity proceeds in dollar. The minimum deposit amount would be $10,000,
Jashnani said.

Pravasi Samriddhi offers both fixed and floating rates for a maturity period of 1-5 years for a minimum deposit of $5,000, he said.

SBI has started roadshows for wooing RIB holders to put their money in the new schemes.