The subordinate of State Bank of India, State Bank of Hyderabad is known for providing a wide range of offers and banking services to the customers. Currently, the bank is offering the clients with fixed deposit schemes of varying tenures.
The shortest holding period for a fixed deposit is seven days which can be availed at attractive returns. However, the interest rates pegged are decided on the basis of the investment amount of a fixed deposit, the deposit period of the fixed deposit and special cases like the customer being a senior citizen or an employee of State Bank of Hyderabad.
For the holding period of 7-45 days, the bank allows interest rates to be pegged at 6% per annum which is enhanced to 6.5% per annum for the holding period of 46 days to three months. Furthermore, it is enhanced by 0.25% to 6.75% per annum for the holding period of three months to six months. Moreover, the depositors can enjoy the highest rate of 7.25% per annum for the tenure of six months to one year.
For the deposit period of one year to less than three years, the rate of interest is calculated at an attractive 7.5% per annum whereas; it remains the same at 7.5% per annum for the deposit period ranging between three to five years.
Unlike other financial institutions, State Bank of Hyderabad offers the senior citizens with an additional 0.3% on the interest rates for the tenure of more than one year. This implies that the senior citizen will be benefited with the highest rate of 8.05% per annum whereas, the lowest being 6.3% per annum. Moreover, the best rates can be availed for the holding period of 1-3 years.
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