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Fixed Deposits

Fixed deposits are among the most favoured types of investment in India; this is because of the security, stability and the assured return on investment involved. State Bank of Hyderabad has different types of Fixed Deposit account types that are available for different purposes and different terms or time periods.
 

Fixed Deposit Account Types offered by the State Bank of Hyderabad

  • Regular Fixed Deposits
  • Tax Deductions under the Re-investment Scheme
  • Tax Saving Fixed Deposit
  • Tax Deductions under the Re-investment Scheme
  • SBH Kuber – 400 days Deposit scheme
  • Senior Citizen Scheme
  • Special Term Deposit Scheme
  • Super Saver Term Deposit Scheme
  • Multi Option Deposit Scheme (MODS)

Rates of interest

State Bank of Hyderabad has different interest rates for various bands. The bank also provides senior citizens rates that are 0.50% higher than all others.

Interest Rate (w.e.f 18.11.2016) 

DEPOSIT TENURE

Below Rs 1 crore

Rs 1 crore to Rs 10 crore

211 days to 1 year

7.00%

4.00%

1 year to 455 days

6.90%

4.25%

456 days to 2 years

6.95%

4.25%

2 years to 3 years

6.85%

4.25%

3 years to 5 years

6.50%

4.25%

5 years to 10 years

6.50%

4.25%

Required documents for State Bank of Hyderabad Fixed Deposit Account

Individuals who do not already have an account of any type with the State Bank of Hyderabad should provide the following documents both in original as well as self-attested copies of the same:

Proof of identity, SBH will accept copies of the loan applicant’s PAN Card, Passport, Voter’s ID card, Driver’s License, Government Identity Card, Photo Ration Card or Senior Citizen ID Card.

Proof of address, SBH will accept copies of the loan applicant’s Passport, Ration Card, Telephone bill, Electricity Bill, Rental Agreement or Bank statement.

Let us briefly understand the deposit schemes:

Regular Fixed Deposits

State Bank of Hyderabad offers this classic Fixed Deposit account where customers get the dual benefit of earning and adjustability. Adjustability, the term period for this account may be adjusted according to the wish of the customer; it may be as short as fifteen days or as long as 10 years, which is the maximum term period.  Customers who wish to deposit funds that are 15 lakhs and above, State Bank of Hyderabad allows them to open a fixed deposit for seven to fourteen days.

For an amount of 15 lakhs and above, a term deposit may be opened for 7 to 14 days. State Bank of Hyderabad does not charge any penalty for the premature withdrawal of the fixed deposit as long as the funds have been with the bank for a minimum of 7 days.

Tax Deductions Under the Re-Investment Scheme

If the interest payable is above Rs.10, 000 annually, then TDS will be deducted and the accountholder will receive a TDS Certificate with the details. The customer will have to submit A new Form 15G or Form 15H on 31st March.

Features:

  • State Bank of Hyderabad permits the customer to avail a loan/overdraft facility (up to a maximum of 90% of the deposit amount) against the deposits that was made.
  • On maturity of the deposit, there is auto renewal facility available, so the deposit may be renewed for a further period of time.
  • The interest can be paid to the customer on monthly, quarterly, half-yearly or yearly basis.
  • State Bank of Hyderabad gives its senior citizen customers who have fixed deposits for terms that are longer than one year, 30 basis points higher than the normal rate.
  • In case a joint fixed deposit is opened with a senior citizen and a staff member, only the staff benefit will be permitted.

Nomination – Customers of the State Bank of Hyderabad are actively encouraged to provide a nomination for their Fixed Deposit schemes. This is done by submitting the relevant document with the required details and signatures, to SBH.

SBH Kuber – 400 Days Deposit Scheme

This deposit scheme offered by State Bank of Hyderabad  offers a medium term deposit with interest rates that are attractive and competitive.

Additional Features :

  • State Bank of Hyderabad permits the customer to avail a loan/overdraft facility (up to a maximum of 90% of the deposit amount) against the deposits that was made.
  • There are no penalty fees for the premature withdrawal of term deposits; this is on the condition that these deposits have been with the bank for a minimum of 7 days, and for at least 12 months for NRE deposits.

Nomination facility – State Bank of Hyderabad encourages their customers to provide a nomination for their Fixed Deposit schemes. This is done by submitting the nomination application document with the required details and signatures, to the bank.

Pre-closure of Fixed Deposit – State Bank of Hyderabad customers are permitted to pre-close or break their fixed deposit accounts in order to withdraw the funds there

Eligibility criteria:

  • Indian Residents
  • Non Resident Indians
  • Hindu Undivided Families

Senior Citizen Scheme –

State Bank of Hyderabad offers this account for individuals who are above the age of 60 years. The primary benefit of this type of account is that the depositors are offered higher interest rates as compared to others.  

Special Term Deposit Scheme –

This is a fixed deposit scheme that is offered by the State Bank of Hyderabad, which offers customers all the facilities that normal fixed deposits do. However, under this scheme the interest that is earned can be reinvested in the term deposit at quarterly intervals. The interest and the principal are paid out to the customer when the deposit matures.

Super Saver Term Deposit Scheme –

With this scheme, customers of State Bank of Hyderabad can open fixed deposits under either the regular fixed deposit scheme or the Special Term Deposit scheme. The advantage of opening a Super Saver Term Deposit is that it offers higher interest rates for deposits that are made for a period of 5 years to 10 years.

Tax Saving Fixed Deposit

State Bank of Hyderabad offers a Fixed Deposit account where the customer can save tax as per Section 80C of the Income Tax Act. This fixed deposit account does not allow per-closure and has a locked in period of five years.

Multi Option Deposit Scheme (MODS)-  

The deposit holders may open a fixed deposit account for a minimum of 1 year and a maximum of 5 years. It can be opened as a Special Term Deposit or a regular term deposit. The minimum amount that can be invested under this scheme is Rs. 10,000. Any further investments are done in multiples of Rs 1,000. An advantage of this scheme is that if a customer issues a cheque, and the amount in their account is not enough to cover the cheque amount, then the balance amount will be withdrawn from the customer’s Fixed Deposit account and paid accordingly. In such a situation, the customer will bear no penalties.

Additional Features:

Loan/ Overdraft Facility: State Bank of Hyderabad permits the customer to avail a loan/overdraft facility (up to a maximum of 90% of the deposit amount) against the deposits that was made.


Nomination facility – State Bank of Hyderabad encourages their customers to provide a nomination for their Fixed Deposit schemes. This is done by submitting the nomination application document with the required details and signatures, to the bank.


Pre-closure of Fixed Deposit – State Bank of Hyderabad customers are permitted to pre-close or break their fixed deposit accounts in order to withdraw the funds there.                         

Additional features of State Bank of Hyderabad Fixed Deposit Schemes:

  • Nomination facility – State Bank of Hyderabad encourages their customers to provide a nomination for their Fixed Deposit schemes. This is done by submitting the nomination application document with the required details and signatures, to the bank.
  • Pre-closure of Fixed Deposit – State Bank of Hyderabad customers are permitted to pre-close or break their fixed deposit accounts in order to withdraw the funds there.