SBH launches double deposit scheme

In sync with the popular Hyderabadi sweet dish – Double Ka Meetha, State Bank of Hyderabad has launched a new product which will give double benefit to customers. A customer who deposits, say Rs 1,000, in this scheme will see it double in just 87 days.

The SBH Double deposit scheme is aimed to double the deposit for customers in the shortest period, the bank said. At current rates applicable to the scheme the deposit will double in even less time of 83 days in the case of a senior citizen.

The yields achieved are 13.84 per cent (general customers) and 14.56 per cent (senior citizens) respectively. There will be no premature penalty if the customer withdraws the deposit after 60 months, in addition to the higher rate of interest.

The customers can avail loan facility as well. The product would be available to all resident and non-resident individuals. The minimum deposit required is Rs 10,000 and multiples of Rs 1,000 and can be opened at any of the SBH branches.

With the recent deregulation of savings bank accounts, banks are looking at innovative methods to lure new deposits as well as retain existing ones.