State Bank of Hyderabad (SBH) has unveiled 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 which has got tenure of 555 days will be operational for a period of one month from October 5 to November 5, 2013. The product is applicable to resident individuals and NRIs.
Under this scheme, the bank will be offering an interest rate of 9.55% per annum for public and 9.85% a year for resident senior citizens. Customers have the option to withdraw the amount any time after 7 days with no penalty.
The 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 lump-sum on maturity depending on their requirement.