The subsidiary of State Bank of India, State Bank of Patiala offers fixed deposit schemes of competitive rates with varying tenures like short, mid and long-term tenures.
The bank’s short-term FD tenures will allow you to maintain adequate liquidity between your investments. For the tenures of 1-2 months, the returns are pegged at 6.5% per annum. Moreover, for the holding period of three and four months, the rate of interest is calculated at 6.5% per annum, but due to longer duration, it will earn more interest compared to the previous category.
For the tenure of two months, best returns can be availed. On the other hand, the durations provided allows the depositor to maintain regular liquidity.
The mid and long-term fixed deposit tenures are preferred by most of the people due to two crucial reasons;
The fixed deposit rates for mid and long-term deposits offered by State Bank of Patiala come with attractive interest rates for varying tenures.
For the holding period of six and nine months, the interest rate offered by the bank is 7.75% per annum, and it gets to 8% per annum for the tenure of one year. Moreover, for the holding period of one year and six months, the returns are pegged at an attractive 8.8% per annum.
The fixed deposit tenure for the medium category of six months and 1.6 years is considered the most cost-effective period to invest in.
8.8% per annum is the interest offered by the bank for the holding terms of two, three, four and five years.
There are no special rates which can be availed by the senior citizens on their fixed deposits. For the holding period of 1-4 months, the rate of interest is calculated at 6.5% per annum, and it becomes 7.75% per annum for the holding period of six and nine months. Moreover, 8% per annum is the interest rate offered for the holding period of one year. The highest of 8.7% per annum is offered for the tenures of 1.6 years and up to two years. For the holding periods of three, four and five years, the interest remains the same at 8.5% per annum.