TERM DEPOSIT IN SBI

TERM DEPOSITS
Now you can earn a higher income on your surplus funds by investing those with SBI. SBI provide security, trust and competitive rate of interest.
·Flexibility in period of term deposit from 15 days to 10 years.
·Affordable Low Minimum Deposit Amount: You can open a term deposit with SBI for a nominal amount of Rs.1000/- only.
·Flexibility in choosing the amount you wish to invest and the maturity period.

Highlights

Safety - SBI understand the value of your hard earned money and continue to deliver promise of safety and security over 200 years.

Liquidity
Loan /overdraft facility: You can avail a loan/overdraft against your deposit.SBI provides you loan / overdraft upto 90% of your deposit amount at nominal cost.So you continue to earn interest in your deposit and still can meet your urgent financial requirements.

Premature Withdrawal
Interest to be charged on premature withdrawal of term deposits at 1.00% below the rate applicable for the period deposit has remained with the Bank.

Transferability- Transfer of Term Deposits between SBI's wide network of branches without any charge.
·Compounding / Flexible / Timely Payment of Interest - Under our Special Term Deposit Scheme, interest accrues in your account and gets compounded quarterly. SBI assure timely delivery of the proceeds of your deposit with interest, on maturity.Flexibility of payment on maturity through Cash (subject to prevalent Income Tax Act), Banker's Cheque, Credit in Savings Bank/Current account.
Term Deposits are available at all SBI Branches. Easy and convenient access of 24X7 information at SBI Internet Banking.

Nomination Facility - Available.

Tax Implications.

Tax Deductible at Source, as per Income Tax Act.

Automatic Renewals

There is no need for you to keep track of the maturity of your deposits.Your deposits with SBI will be renewed automatically, post maturity.And you continue to earn interest for same period as that of your matured deposit, at the interest rate prevailing at the time of maturity.Automatic renewals take place where there are no standing instructions for renewal.

Flexibility to covert your Special Term Deposit to Term Deposit and vice versa

You can convert your special Term Deposit to a Term Deposit to receive monthly/quarterly interest payments to match your financial requirements.You can also convert your Term Deposit to a Special Term Deposit, which provides compounded rate of interest to multiply your money faster.