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SBH launches new deposit scheme

Under the scheme, customers can park their funds, earn higher return on deposits

<a href="http://www.shutterstock.com/pic-17487703/stock-photo-padlock-with-money-isolated-on-a-white-background.html?src=hkiXBXGJcKkGOKOclzjEqA-1-36" target="_blank">Fixed Deposit</a> image via Shutterstock
BS Reporter Hyderabad
Last Updated : Oct 03 2013 | 8:54 PM IST
State Bank of Hyderabad (SBH), the largest associate of State bank of India, has launched a new deposit scheme ‘SBH DDD (Dasara Deepavali 555 Days Deposit)’, which offers a combination of liquidity plus higher rate of interest to depositors. The scheme will be operational for a period of one month from October 5 to November 5, 2013.

Under the scheme, customers can park their funds and earn higher return on their deposits. The depositors also get the facility of loan/ overdraft on their deposits and can have the option to avail monthly/quarterly interest pay-out or lumpsum on maturity depending on their requirement, SBH stated in a press release on Thursday.

The bank is offering an interest rate of 9.55 per cent per annum (yield 10.27 per cent) for public and 9.85 per cent a year (yield 10.61 per cent) for resident senior citizens. The tenure of the deposit is 555 days. Customers have the option to withdraw the amount any time after 7 days with no penalty.

The product is applicable to resident individuals and NRIs. Maximum amount to be deposited under a single deposit in the scheme is less than Rs 1 crore.  The bank has also recently increased the rate of interest for short-term fixed deposit of 180 days to less than 1 year to 9 per cent per annum.

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First Published: Oct 03 2013 | 8:25 PM IST

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