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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.
