Table:
|  | As at 31 December |  |
| --- | --- | --- |
|  | 2019 | 2018 |
|  | RMB’Million | RMB’Million |
| Included in non-current assets: |  |  |
| RMB term deposits | 19,000 | – |
| Included in current assets: |  |  |
| RMB term deposits | 28,598 | 55,180 |
| USD term deposits | 16,325 | 6,349 |
| Other currencies | 1,988 | 1,389 |
|  | 46,911 | 62,918 |
|  | 65,911 | 62,918 |
Paragraphs:
TERM DEPOSITS
An analysis of the Group’s term deposits by currencies are as follows:
The effective interest rate for the term deposits of the Group with initial terms of over three months to three years during the year ended 31 December 2019 was 3.57% (2018: 4.08%).
Term deposits with initial terms of over three months were neither past due nor impaired. As at 31 December 2019, the carrying amounts of the term deposits with initial terms of over three months approximated their fair values.
Question:
What was the effective interest rate for the Group's term deposits during the year ended 31 December 2019?
Answer: 3.57%