If you have a large amount of money that you would like to invest but are not quite sure if the market is safe, you may want to look at opening a fixed term deposit with the State Bank of India (SBI). You'll get a competitive interest rate, a guaranteed return over a range of investment options and you get the security of investing in a bank that is the owned by the Indian government.
Features and benefits of an SBI fixed term deposit
Investing in a fixed term deposit offers you high interest and a range of terms and benefits that suit you some of these benefits are as followed. Benefits of an SBI fixed term deposit include:
- You can invest using other currencies. With a State bank of India fixed term deposit you get the option to invest with other major currencies this is great if you use large amounts of foreign currencies for work or people who are from overseas to work.
- Term from six months to 5 years. State Bank of India has term deposit that range from as short as six months if you would like a nice short return to as long as five years to people looking for longer investment.
- A minimum amount. To open a State bank of India fixed term deposit you will need to have a minimum amount of at least $250,000 this means it's a great bank for experienced investors who would like to make sure that the financial institution they have chosen has the experience required when handling large sums of money.
- You are saving yourself from yourself. When you open a State bank of India fixed term deposit your funds will be locked away for the agreed amount of time so you won't be tempted by any sudden spur of the moment purchases.
- A guaranteed return. When you deposit your money in a State bank of India's term deposit you know exactly how much money you stand to earn, this means that while these funds a safety locked away it gives you the time to be able to organise building to a new extension or planning a family holiday.
- Reputable financial institution. The SBI Commercial and International bank Ltd. has assets worth US$250 billion, deposits of US$193 billion and capital and reserves in excess of US$15 billion.
How to apply for a SBI term deposit
If you'd like to know more information about this product, or you'd like to apply, please head into your local SBI branch.
What are the interest rates for this account?
The State Bank of India offers high interest fixed term deposits for periods of 6 to 60 months, shorter terms can be arranged at the with discretion of the bank. 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.