SBI introduces new term deposit product SBI Platinum account

State Bank of India (SBI) has announced that the Bank has introduced a new term deposit product namely SBI Platinum Account from January 22, 2007. The deposits under the scheme will carry interest rate of 9% P.A. compounded quarterly. Maximum period of deposit is three years. The depositor will have the right to exercise 'put options' to receive the deposit with the accrued interest @ 8.25% p.a. on expiry of one 1 year and @ 8.50% on expiry of two years. There is no provision for premature penalty for exercising put option. However, no interest will be paid if deposit is withdrawn before the completion of one year. The scheme is valid up to March 31, 2007.

Source : Equity Bulls

Keywords