If you are looking for a great safe term deposit for a larger amount of money then you should consider the State Bank of India's term deposit. The State Sank of India is a large Indian bank which is majority owned by the Indian government. The term deposits offered by the SBI bank are a great investment because they offer fixed interest rates and the choice of investment terms, this is great when choosing an investment because you know exactly how much of a return that you will gain on your investment. Term deposits are a great way to keep your money safe and working, knowing exactly how long it will take you reach your long or short-term goals.
Features and Benefits of SBI Bank's Term Deposits
Before you choose an NRE term deposit account to meet your needs, you should make sure you understand all of the features and benefits of the account, and how they can meet your needs. Here are some of the features offered to SBI bank's customers making it easier for you to work out whether SBI bank is suitable for your savings and needs:
- A competitive interest rate. SBI bank offers customers a very competitive interest rate on their money so you know that you're going to receive a good return at the end of the term deposit.
- Term deposits don't need to be managed. When you open a SBI bank term deposit you don't require any special financial knowledge because you will be locking away your money for the length of the term. This makes it a good investment because you know the bank has professionals that are doing the work to make sure you receive your guaranteed return.
- Money safely out of your hands. Because you lock your money away for an agreed term when you open a term deposit you know that you're not going to be able to have access to the money, this means that it's a great option for people that know they are likely to dip into their saving when making impulse purchases.
- The interest rate and term is guaranteed. The interest rate and term are guaranteed for the life of the investment so you know exactly how much money you are going to earn and how long it will take to earn it.
- Free remittance to India. Customers that hold term deposits with SBI bank get the offer of having their payment sent to India for free.
- Option to open an account with other currencies .With an SBI bank term deposit you have the option of opening an account with any of the major currencies, for example e.g. US dollar.
Term Deposit Accounts
SBI Bank Interest Rates
Because the interest rates that are on offer my the banks can change daily it's important to check for specials that may be on offer that way you can be sure you get the best deal on you term deposit.
The current interest rates that are on offer from SBI on their term deposit are for:
- A term investment for 6 months 3.90% per annum
- A term investment for 24 months 4.30% per annum
- A term investment of 36 months per annum
- And SBI will give you 4.30% per annum on a term deposit of 60 months.
The SBI bank term deposit is suitable for NRIs to use as an investment account if they are living or working in Australia, but intend to return home to India. With free repatriation of your funds to India, the SBI could have the perfect NRE term deposit account for you, so find out more now by viewing our comparison tables, or following a secure link directly to the bank's website.