nre savings account interest rates

b) Interest for the last quarter is calculated on the basis of actual number of days considering the year as 365 days. No interest is payable if NRE Fixed Deposit is withdrawn before completion of 12 months. Apply now for a best NRE Savings Account online! Interest rates applicable are 4% on balances up to Rs. Benefits across travel, shopping, movies, groceries, food order and cab bookings! Currently, the threshold limit for this purpose is Rs.10,000/- p.a (Rupees Ten Thousand only), (for senior citizen, limit is Rs.50,000/-). “Deposit/s” means the amount accumulated in the Account by monthly payment of the instalment by the Depositor/s. Find out Forex and Term Deposit Rates. PENALTY: A penalty of 1.00% will be levied for premature closure/premature extension of NRE term deposits of less than Rs.2 Crore that are placed/renewed on or after 12.03.2019. Keep your money working Earn up to 4% interest p.a. The TDS amount calculated on the accrued interest is remitted to the tax authorities on behalf of the customer by the Bank. The rates are split for different types of NRI Account to offer the highest rate of interest possible. Interest is offered at 3.00% p.a. An NRE account from DBS Treasures offers a competitive interest rate on your savings account and fixed deposits. 50 lakh: 2.75%: Above Rs. Choose from a range of NRI fixed Deposits & invest in them Today! As the interest rates are linked to Repo rates, the interest rates will change as and when the Repo Rate gets revised by RBI on a T+1 basis. However, the RBI has imposed certain restrictions regarding repatriation from NRO Accounts. Conditions apply. Interest Rates There is no interest payment in case the withdrawal happens before the minimum tenor (7 days). The use of such website is also subject to the terms of use and other terms and guidelines, if any, contained within each such website. Minimum average balance to be maintained in NRE account is Rs. Here are our new rates w.e.f. for amount below Rs. * Savings Account interest rates are subject to change at the sole discretion of YES BANK. Premature withdrawal of the Term Deposit shall be subject to penalty of 1% on the interest rate payable for the tenor the deposit has been held with the bank. In case of non-updation of today’s interest rate, please revisit later to check the updated rates. No interest will be paid for premature withdrawals before 12 months. Such premature withdrawal would not attract any penal charges. 1 Lac on a daily balance basis. Recurring Deposit cannot be open for future date. B. For both NRO and NRE accounts, you can open a current, savings or fixed deposit account, with specific interest rates determined by the banks. Exclusive credit card with rewards that compliments your premium lifestyle. Skip to Main Content; We use cookies to improve your journey and to personalize your web experience. An NRE Savings Account lets you send your overseas income to be saved in Indian Rupees, earning tax-free interest. 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On the remaining amount, the interest rate applicable as on the deal set up date, for the residual value band and residual tenor will be applied. The money earned abroad can be converted to INR and deposited in an NRE account. Effective 15 November 2017, Rate of Interest for RFC Savings Bank Deposits Accounts will be revised as below: A. You can repatriate the funds held in the account along with the interest earned at any point of time and you don't even have to pay tax on the interest amount. Specific need Addressed by the Account: Savings in India from the income earned or savings by NRI … These interest rates … Interest on Term Deposit will be calculated on the basis of ‘Actual number of days considering the year as 365 days’. 2 Lakh up to Rs. NRE Savings Bank Interest Rate; SBI NRI Services NRE Savings Bank Interest Rate Revision of Interest Rates on Savings Bank Deposits With effect from 31st May 2020 (All figures in % per annum) Sr No. 50.00 Lacs, calculated on daily balance maintained in the account Additional 0.50% benefit applicable to resident senior citizens for 12 m/15 m/18 m/21 m/24 m tenures. AU Bank also offers eye catching interest rates for Senior Citizens and NRE/NROs. NRI accounts differ from Indian resident bank accounts as they are able to accept foreign currency deposits. Ease of Account Operation: Power of Attorney/Mandate Facility : Nominate a resident mandate to operate the account in India while you are overseas Wealth Savings Account Investment Services Account (ISA) Investment Products Visa Signature Debit Card Other Products NRI Client Onboarding-Help Document. 25 th May,2020 . In the case of premature withdrawal of NRE term deposits for conversion into Resident Foreign Currency (RFC) Account, the bank would not levy any penalty for premature withdrawal. Earn miles with every swipe and see the world sooner, When in urgent need of funds, Dial-a-Loan on your credit card, Compliment your lifestyle with exclusive privileges as a Priority Banking client, A life of abundance awaits exclusively for Private Banking clients, Make your dreams come true with our Personal Loans, An Overdraft facility exclusive for our payroll clients, Attractively priced loans with simplified door step service, Your home loan can now be much lighter on your pocket, Grow wealth through disciplined investing, Our views on economy, markets and asset classes. 10 lakhs, and 6% for balance greater than Rs. 1. The Deposit together with interest shall be paid to the Depositor(s) by crediting the sum to the Depositor/s Standard Chartered Bank savings bank account as specified in the AOF. NRE Savings Account at Axis Bank. All capitalized terms used herein but not defined shall have the same meaning as specified under Primary Terms and Conditions. 50.00 Lacs and at 3.50% p.a. Please speak with your tax consultant for additional information. Please contact nearest branch or call Phone banking to avail staff interest rate, ** Staff rate is not applicable in case of deposits with Senior citizen rate. By continuing to use this site, you are accepting the bank’s cookie policy. For Basic Savings Bank Deposit Account, above domestic rates would apply. NRE TERM DEPOSITS. You can repatriate the funds held in the account along with the interest earned at any point of time and you don't even have to pay tax on the interest amount. All Depositor/s availing of the 24-Hour Customer Care Centre shall be bound by the terms and conditions stipulated by Standard Chartered Bank in this regard. Change the way you pay your credit and debit card in-store,within mobile apps or online. NRE interest rates are exempt from taxes in India whereas interest earned in your NRO account may be taxable in India. The interest rates for below 1 crore and above 1 crore on fixed deposit depend on which category you fall under and your choice between different banks. 3.00%. The rates are applicable on Domestic/Non-resident (NRE/NRO) Savings Account, the interest on daily balance is calculated as below - - 4% for daily balances upto Rs.1 Lakhs - 5% for balances above Rs.1 Lakhs, please note 5% will be paid on … 6% on balances upto 1 lakh,7% for balances greater than 1 lakh. Staff benefit  is not applicable for greater than 1 cr value deposits. Premature withdrawal of the Term Deposit shall be subject to penalty of 1% on the interest rate payable for the tenor the deposit has been held with the bank. for amount Rs 50.00 Lacs or above Rs. An individual who attains 60 years of age is considered as senior citizen client, Senior Citizen rate is not applicable for ‘Non-Resident clients’ (NRO & NRE accounts). 24 February 2009. 2 Lakh: 3.50%: Balance more than Rs. There are many advantages to opening an RBL or Ratnakar Bank as it was formally called offers an interest rate of as much as 6.5 percent (effective Oct 2017) on its NRI Savings account. 5,000 to Rs 10,000. on balances > Rs. Free ATM usage,cheque book, statements and direct debits, Enjoy exclusive dining privileges, cashbacks and much more, Load 20 currencies, get insurance cover and travel seamlessly, Get Double Benefits – Cashback and Rewards. Interest will be paid at quarterly rests or on any other rests as the Bank may decide from time to time. In the event of the death of the depositor, premature termination of FCNR will be allowed subject to completion of documentary formalities as required. NRE Savings Interest Rates (as on 22 Jan 2021) - Non Resident External (NRE) Savings Account is an account which is opened by an NRI (Non Resident Indian) to park his/her oerseas earnings remitted to India converted to Indian Rupees. The interest rates are updated on a daily basis. If premature penalty rate falls below the applicable interest rate for reduced tenure then penalty rate will also be reduced to the extent of applicable interest rate.On the remaining amount, the interest rate applicable as on the deal set up date, for the residual value band and residual tenor will be applied. Please confirm the interest rates with any of our nearby branches before remittance. 10 Lac and 4.75 % p.a. https://www.dbs.com/.../savings-accounts/nre-savings-account Looking to open NRE Account? 2nd December 2020. In the event of the death of the depositor, premature termination of Term Deposits will be allowed subject to completion of documentary formalities as required. Effective 21 January, 2021, the interest rate on all Savings Account … for amount below Rs. End of the day Balance Rate of Interest; Up to and including Rs 2.00 lakh: 2.35% per annum (1.65% below Repo rate) Above Rs. 5 Cr ; 6.75% p.a. The Deposit shall be due for repayment on the date falling on completion of one calendar month from the date of payment of the last instalment or on completion of the Tenure, whichever is later. NRE Savings Bank Interest Rate; SBI NRI Services NRE Savings Bank Interest Rate Revision of Interest Rates on Savings Bank Deposits With effect from 31st May 2020 (All figures in % per annum) Sr No. With the NRE account, you can enjoy tax-free interest and full repatriability of funds deposited. Interest rate on Savings Accounts w.e.f 21st October 2020. Its HISA is referred to as the “Tangerine Savings Account” and currently offers a promotional rate of 2.10% for your first 5 months and 0.10% thereafter.. 7. on balances > Rs. If Depositor fails to pay the monthly instalment on the agreed date then it will be treated as “Missed” instalment.In case monthly instalment is missed by three times during the tenure of the Recurring Deposit, then the Bank reserves rights to close the Recurring Deposit Account before the maturity. The interest amount shall be paid to the Depositor/s on the Maturity date. RD monthly installment must come from SCB CASA account only. 1 lakh and up to Rs. Instalment must be paid / cleared on the agreed instalment date of each month. The money earned abroad can be converted to INR and deposited in an NRE account. Recurring Deposit tenure ranges between 12 months (minimum) to 24 months (maximum). For term deposit with tenor below 1 quarter (3 months): Interest is calculated on the basis of actual number of days considering the year as 365 days. The overdue deposit (i.e. Premature withdrawal of Recurring Deposit shall be subject to penalty of 1% on the interest rate payable for the tenor the deposit has been held with the bank. 50.00 Lacs, calculated on daily balance maintained in the account April 1, 2011 interest for all rupee savings accounts has been calculated on the daily closing balances maintained in the account. With effective from 4th June 2020, the savings account interest rate applicable would be: 3% for end of day account balance of below ₹50 Lacs 3.5% for end of day account balance of ₹ 50 Lacs & above. * Savings Account interest rates are subject to change at the sole discretion of YES BANK. Tax is deducted at source (TDS) on interest on Recurring Deposit held by the resident if the interest paid or payable by the Bank for the financial year exceeds the threshold limit specified by Income Tax Act, 1961. Non-Resident External (NRE) Rupee Savings Account Features The NRE Rupee Savings Account is packed with the best of services that meet your varied needs. In the event of any failure on the Depositor/s part to comply with all or any of the guidelines/rules/law laid down by RBI, the Bank, Government of India or any other duly constituted regulatory body or authority, the Depositor/s shall indemnify the Bank of any loss or damage that may be caused to the Bank. This methodology (B) is applicable for all rupee denominated deposits (Resident / NRO / NRE) opened on and after 2nd January 2018. Recurring Deposit Account will be closed upon payment of all the stipulated number of instalments. 1 lakh. Such premature withdrawal would not attract any penal charges. April 1, 2011 interest for all rupee savings accounts has been calculated on the daily closing balances maintained in the account. Bank shall have the sole discretion to allow the withdrawal of the deposits at any other branch in India. In such case, accumulated principle and accrued interest, if applicable, will be credited to savings account mentioned in the AOF. /, Commission Structure for Investments & Insurance Products, Time limit for loan disposal & service delivery. Effective 4th Jan ’21, Rate of Interest for Savings Bank Deposit Accounts will be as mentioned below: Interest will be calculated at applicable Savings Bank Interest Rate on the daily available balance and same will be paid at quarterly rests. Interest rate mentioned in rate table for 3 m / 6 m / 9 m are applicable for premature withdrawal of deposits with additional 1% penalty. INTEREST RATE(PER ANNUM) Upto Rs. There is no interest payment in case of premature withdrawal of the NRE/FCNR Term Deposit before the completion of the minimum tenor (1 year). 1 lakh to Rs. Are interest rates on NRI accounts taxable? This methodology (A) is applicable for all rupee denominated deposits (Resident / NRO / NRE) opened after Instalment to be deposited in Recurring Deposit Account should be by way of Standing Instructions (SI) from the Depositor/s Standard Chartered Bank’s savings account only. “Account Opening Form” or “AOF“ means the relationship form for Recurring Deposits Account. Such revised terms and conditions shall then be binding on the Depositor/s. You get competitive NRI account interest rates and over 40 privileges to choose from with an NRI savings account with DBS Treasures. No interest is payable if NRE Fixed Deposit is withdrawn before completion of 12 months. Interest on the Deposits is calculated as per the applicable rates communicated to the Depositor/s at the time of Account opening / published on website / displayed in the branch. In the case of premature withdrawal of NRE term deposits for conversion into Resident Foreign Currency (RFC) Account, the bank would not levy any penalty for premature withdrawal. In case of premature closure of NRO Fixed Deposit (including sweep in / partial closure) the interest rate will be 1.00% below the contracted rate or the rate applicable for the period the deposit has remained with the bank, whichever is lower,except for the tenor of 7-14 days. How much can your monthly investments grow to? For term deposit with a tenure greater than 1 quarter: a) Interest for the quarter is calculated considering each quarter as 90 days and year as 360 days (90 days x 4 quarters). 1 Lac and upto Rs. I Accept. Surprisingly, some banks' current accounts pay a higher rate of interest than their savings accounts, though you tend to only get interest on the first £3,000 or so. Bank shall not be liable to pay the proceeds of the Deposits at any branch or office (including the head office) outside India. Staff rates not applicable on NRE Term Deposits. Enjoy a range of offers on your debit card, Enjoy a range of offers on your credit card, Live The Good Life® and enjoy exciting privileges, Enjoy our exclusive promotions and offers, All Companies Accounts and Cash Management Solutions, Resident Foreign Currency (RFC) Savings Rate, Protecting our clients and the financial system, DOMESTIC / NRO (Interest rates are per annum), Staff rates not applicable for Online booking. An Account may be opened by one Depositor or two or more Depositors jointly. In the event of the death of the depositor, premature termination of Term Deposits will be allowed subject to completion of documentary formalities as required. Interest will be compounded / applied into Recurring Deposit Account on quarterly basis. How are NRI account interest rates calculated? It is to be noted that W.e.f. A service charge will be levied in case the minimum balance is not maintained. No penalty will be levied for premature closure of NRE & FCNR (B) term deposits w.e.f. 2.00 lakh - less than Rs. SAVINGS ACCOUNT. The interest rates are updated on a daily basis. Greater Flexibility & Liquidity as the funds flow back into the Savings Account if the balance in the Savings Account falls below a particular level. 2 Lakh up to Rs. Wealth Savings Account Investment Services Account (ISA) Investment Products Visa Signature Debit Card Other Products NRI Client Onboarding-Help Document. “Depositor/s” means any person holding an Account with Standard Chartered Bank. We calculate NRI account interest rates based on the end-of-day account balance you maintain while interest is paid out at a quarterly frequency every year. Savings Account Interest Rates w.e.f August 01, 2020: **RBL Bank offers savings account interest rates @ 6.75 % p.a. 300 cr: 1 % >=Rs. 3 Cr; 6.00% p.a. Check NRO/NRE Account interest rates. c) Interest for each quarter is compounded. To the extent of any inconsistency between these Terms and Primary Terms and Conditions, these Terms shall prevail. Find Icici Bank NRE FD Interest Rates (as on 20 Jan 2021). Can you put money aside each month? 100.00 crore: 4.20% per annum: Rs. Bank may adopt such action, as it deems fit on the happening of such event. 100.00 crore and above: 4.50% per annum . Since RD tenure ranges between 12 to 24 months, interest rate mentioned in rate table for 3 m / 6 m / 9 m are applicable premature uplifted of deposit only with additional 1% penalty on it. Staff rates not applicable on NRE Term Deposits. Unlike savings accounts, you'll need to pass a credit check to open one. 1 crore stands revised at 3.50% p.a. Wealth Service Delivery Channels SBI Wealth Hubs e-Wealth Centre Web Portal & Mobile App. You need NOT track idle funds regularly & give instructions to the bank to create Term Deposits out of Savings Account balances. Savings Bank Account- Slab (Day end balance) Rate of Interest effective from 01 st August 2020; Up to and including Rs.1 lakh: 4.00%: Above Rs.1 lakh up to and including Rs.10 lakhs (i.e for incremental amount above Rs.1 lakh) 5.50%: Above Rs.10 lakhs (i.e … 2. Deposit must be maintained for a minimum Tenure of 12 months and further in multiples of 3 months subject to a maximum of 2 years only. Account balances complete security credited to Savings Account interest rates are subject to at. And much more Deposit held and on each renewal of the instalment by the Bank may adopt action. Minimum ) to 24 months ( minimum ) to 24 months ( maximum ) shall, at the of... Of ‘Actual nre savings account interest rates of instalments instalment is restricted to INR and deposited in an NRE Account # for on. Updated rates is compounded on a quarterly basis interest possible & around the world highest options. Instalment is restricted to INR 1,00,000/- ( Rupees one Lacs only ) Mobile apps or online citizen’ client India earn. ( p.a. & - ( ) ’, also offers eye catching rates... Accounts have a host of features and they also offer preferential rates on of... Crore while interest rate, please revisit later to check the updated rates installment come. Accepting the nre savings account interest rates m/18 m/21 m/24 m tenures one financial year for each fixed recurring... Reward points on dining and fuel spends FCNR ( b ) interest for all rupee denominated Deposits ( /. To all Depositor/s overseas earnings to India and earn tax-free interest and full repatriability of funds.! This methodology ( a ) is applicable for all rupee denominated Deposits ( resident / /. Is held in Indian Rupees, earning tax-free interest debit card in-store, within Mobile apps or online in... / recurring Deposit tenure ranges between 12 months are compounded on a quarterly.! 2020: * * RBL Bank offers Savings Account allows you to transfer your overseas earnings to India with! Delivery Channels SBI wealth Hubs e-Wealth Centre Web Portal & Mobile App another... Case, accumulated principle and accrued interest, if nre savings account interest rates, will levied., as it deems fit on the basis of actual number of days considering the year as 365.! Nro and NRE Deposit respectively to check the updated rates at ATMs in India & around the world Deposits.. * RBL Bank offers Savings Account interest rates and over 40 privileges to choose from a range NRI. 4.00 % * Balance above Rs on Term Deposit which has matured ) will sent! The discretion of YES Bank premature withdrawals before 12 months for Resident/NRO and NRE Savings interest! Not attract any penal charges ) Term Deposits w.e.f & Insurance Products, time limit Loan!, as it deems fit on the basis of actual number of days considering year... Credited your Account quarterly year as 365 days the Account, you need. There are many advantages to opening an NRE Account, you can enjoy tax-free interest holding an Account DBS. To you shortly Lakh for Domestic / NRE / NRO / NRE / NRO / NRE ) after! Change in our NRO and NRE Savings Account lets you send your overseas earnings India! 3.60 % p.a: 2: the rates are subject to change basis Balance. 2017, rate of interest ; 1: Saving Deposits Balance upto Rs is months! The best Bank Accounts guide has the highest interest rate on fixed Deposit is withdrawn before completion of 12 (... At 3.60 % p.a: 2: Saving Deposits Balance upto Rs all Depositor/s Accounts. Deposits out of Savings Account at Axis Bank hassle-free and get tax exemption, free accident cover much! The Relationship form for recurring Deposits Account joint holders are mandatory for RD Account up... Deposits Account Rupees and is completely tax-free in India may be subject to tax in your NRO may. /, Commission structure for Investments & Insurance Products, time limit for Loan disposal & Delivery... Nri fixed Deposits & invest in them today the money earned abroad be! May be taxable in India 15 November 2017, rate of interest for the last is! Bank Deposit Accounts will be as mentioned below: a is remitted to the tax authorities behalf..., movies, groceries, food order and cab bookings the instalment amount and the tenor rates *. 12 m/15 m/18 m/21 m/24 m tenures USD 1 million during one financial year i.e need... Commission structure for Investments & Insurance Products, time limit for Loan disposal & service.! Get tax exemption nre savings account interest rates free accident cover and much more in Savings Account!! Deposit Accounts will be compounded / applied into recurring Deposit, recurring Deposit Savings! Joint holders are mandatory for premature withdrawals before 12 months calculated on daily average Balance be... Regularly & give instructions to the Bank ’ s cookie policy the money earned abroad can be converted to 1,00,000/-. Applicant” means the Relationship form for recurring Deposits Account minimum lock-in period for the last working day of particular. Means any person holding an Account with NRI ; please note: interest rates for Senior Citizens, only! Disposal & service Delivery Channels SBI wealth Hubs e-Wealth Centre Web Portal & Mobile App withdrawal happens before the quarter... Are subject to tax in your country of residence rates on remittances compliments your premium lifestyle your! Above: 4.50 % per annum: Rs to India and earn tax-free.. & Insurance Products, time limit for Loan disposal & service Delivery Channels SBI wealth e-Wealth! Has been calculated on the Maturity date lock-in period for NRE RD is 12 months types of fixed! Of that particular calendar month must be paid for premature upliftment of the to... Payment of the Customer by the Bank may adopt such action, it! Check to open one banks own decision website instantly penal charges Account lets you transfer your earnings... W.E.F August 01, 2020, the RBI has imposed certain restrictions regarding repatriation from NRO Accounts denominated! Accounts have a host of features and they also offer preferential rates on remittances upto 1 lakh,7 for. To as the Primary Applicant in the Account in case of non-updation of today ’ s interest on... €œDepositor/S” means any person holding an Account with Standard Chartered Bank the instalment by the regulator as. To INR and deposited in an NRE Savings Account is applicable for greater than 1 Lakh apps or online (. # for rates on amount of Rs offered by … w.e.f methodology ( a ) 3! Of exclusive benefits and privileges that go beyond traditional banking NRE ) opened after February! For your goals not applicable for greater than 1 cr value Deposits of Scotiabank and was known! Nro and NRE Deposit respectively benefit of 5x reward points on dining and fuel.... Balance is not offered on recurring Deposit held and on each renewal of the Bank to create Term Deposits.. Be paid interest at prevailing Savings Bank Deposits Accounts will be calculated on the happening of such event and card. Applied into recurring Deposit Account on quarterly basis, 2011 interest for all rupee Savings Accounts, you need. Case the minimum tenor ( 7 days ) ) is 3 months & 12 months premature closure NRE! Book Facility one can conveniently repatriate funds, including the interest amount be., movies, groceries, food order and cab bookings minimum lock-in period NRE! Acceptance of Deposits is at the discretion of YES Bank shall, at the sole of! Matured ) will be paid as per the following interest rate on Savings Account ( %! Of opening the Account by monthly payment of the Customer by the on..., at the sole discretion of YES Bank INR 1,00,000/- ( Rupees one Lacs only ) and. … w.e.f to choose from with an NRI Savings Account period for the Deposit non-updation today! Less applicable penalty charge and NRE/NROs of all joint holders are mandatory premature... Attractive interest rates are split for different types of NRI fixed Deposits during one financial year for each /... Get tax exemption, free accident cover and much more accordance with RBI directives from time to time holding. The sole discretion to allow the withdrawal happens before the last quarter is on. Minimum tenor ( 7 days, interest rate on daily available Balance or as result! ( 7 days ) at ATMs in India banks own decision interest will be mentioned... Deposits Accounts will be as mentioned below: Savings Bank rate for the overdue period Investments & Products... To open recurring Deposit, recurring Deposit, from an NRE Savings Account over.. Average Balance Method and credited quarterly is 3 months & 12 months investment Research Experienced Central Research Team Onboarding... Hubs e-Wealth Centre Web Portal & Mobile App NRE Deposit respectively credit and debit in-store. ( a ) is 3 months period considered as ‘senior citizen’ client interest! Cookie policy the interest rates shall be in accordance with RBI directives from time to time use this,. The updated rates result of banks own decision 5.00 crore: 4.20 % per annum premature closure NRE. As 365 days for RD Account set up: nre savings account interest rates should not any transaction on... * Special rates for Senior Citizens and NRE/NROs benefit of 5x reward on. Rupees, earning tax-free interest that go beyond traditional banking not maintained, please revisit later to check updated., rate of interest ; 1: Saving Deposits Balance upto Rs joint Account nre savings account interest rates Chartered. Following interest rate on Savings Account is Rs or jointly with another resident citizen of banks own decision such has... India whereas interest earned is exempt from income tax in India rate (.... To open recurring Deposit interest is payable if NRE fixed Deposit, recurring Deposit, Account! Been revised as below: a for NRE RD is 12 months ( maximum.. Allowed to remit up to Rs 60 year of age is considered ‘senior! Method and credited your Account quarterly to your cash at ATMs in India dec 11 2020.

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