SBBJ's ‘Ready Money' deposit scheme

The State Bank of Bikaner and Jaipur on Friday launched a new-term deposit, Ready Money, which carries 8.50 per cent interest for any period between seven and 180 days.

The new deposit scheme is meant to attract high-value liquid funds from various segments including individuals and companies, Mr Shiva Kumar, Managing Director, State Bank of Bikaner and Jaipur, said in a release.

“Apart from providing high return for short period, it also gives high liquidity, since the penalty for prepayment has been waived for this product,” Mr Shiva Kumar said.

Minimum deposit

Under this product, the minimum deposit required is Rs 50 lakh.

The bank also increased its one-year deposit rate from 9.25 per cent to 9.50 per cent with effect from Friday.