SBH launches new deposit scheme

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

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.