SBH Announces New Special Deposit Scheme from 1st JULY

The State Bank of Hyderabad (SBH) on Monday announced a new deposits special scheme -- SBH Swabhiman. The scheme, which offers competitive interest rate of 9 per cent per annum for public and 9.30 per cent per annum for resident senior citizens, will be operational from July 1 to December 31. The scheme would be under reinvestment special term deposit for a period of 5 years, which helps to build corpus fund for annuity returns / regular monthly or quarterly income for the depositor. The maturity proceeds of the special term deposit would enable the customers to reinvest under term deposit with monthly / quarterly payout options of interest for meeting regular expenses. Alternatively, customers can also term deposit `1 lakh or more (in multiples of ` 10,000) for a period of 5 years with option for monthly / quarterly interest payout options. The minimum deposit is `1 lakh (in multiples `10,000) and maximum amount under single deposit is below `100 lakh. There will not be any premature penalty on domestic / NRO deposits after a minimum period of 7 days and 1 year for deposits under NRE. However, after minimum period, the applicable Interest rate for the actually run period with the bank would be paid.