The state bank of India has an associate bank that we know as the state bank of Hyderabad. The establishment was in 1941 and has become a subsidiary of SBI in the year 1956. The reign of Mir Osman Ali Khan marked the establishment. Finding the last Nizam of Hyderabad the bank was also an important event. Originally people called it the Hyderabad State Bank. With its development and exponential growth in the year 1943, the bank took over the Hyderabad Mercantile Bank. This allowed it to conduct conducting government treasury business as an agent of the RBI.
State Bank of Hyderabad Fixed Deposits
The state bank of Hyderabad offers fixed deposits to customers that are at an attractive interest rate. There is a range of tenures that you can choose from. Both long-term and short-term investment earn impressive returns. The schemes are made in order to give you maximum returns on your savings. In accordance with market movements and the bank’s requirement of the fund, deposits are devised. It is best to keep an eye on the interest rates from time to time. This will help you to get the scheme offers and select the one wisely.
Who is allowed to open an FD account with State Bank of Hyderabad?
A resident of India can open an FD account with the bank. Some of the fixed deposit schemes are also open for NRI’s as well.
State Bank of Hyderabad Fixed Deposit Schemes?
There is a wide variety of term deposit that you can choose from. These schemes have been designed to take care of all of the needs of the client. A few of the schemes are discussed below:
- Traditional FD scheme: The normal FD scheme includes an investment of money for which the interest shall be earned. You can collect the interest at monthly, quarterly and yearly interest. This scheme also allows you to withdraw prematurely. This does attract a penalty fee on the interest.
- Kuber 400 days: The scheme is as a medium-term investment. You can invest an amount from ten thousand rupees to 99,90,000 rupees. You can also withdraw prematurely before the completion of 400 days. There is absolutely no penalty if you withdraw the deposit after at least seven days.
- Super Saver Term scheme: This is one of the best FD schemes that you can opt for. The interest rates offered are higher. The tenure of the scheme is between five to ten years.
- Multi-option scheme: You can deposit for the tenure of 1 to five years under this scheme. The minimum amount for investing is rupees ten thousand. The good thing about this scheme is that in case you issue a cheque. And your account doesn’t have enough balance. The bank will deduct the amount from the deposit. There are absolutely no penalties for this particular situation.
There are no particular on how much you can invest with state bank of Hyderabad. Even for an amount of more than rupees fifty crores, there are facilities.