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Our Bureau

Thiruvananthapuram, Jan. 29

State Bank of Travancore (SBT) has launched a new deposit scheme `SBT 2007 Special' with distinct benefits and higher rate of interest. The maximum period of deposit will be three years with a lock-in period of one year. It will carry an annual interest rate of nine per cent with compounding effect, payable on full-term maturity. This will work out to an annualised interest rate of 10.2 per cent.

The depositor will have the option to withdraw the amount with quarterly compounded accrued interest of 8.5 per cent per annum after one year and 8.75 per cent after two years. The interest is payable only along with the principal, according to a statement from SBT. The minimum amount of deposit under the scheme will be Rs 5,000 and there is no limit for maximum amount.

The scheme also offers loans/overdrafts. Senior citizens will get the benefit of 0.25 percentage point additional interest for all maturities. The scheme will be open to the public up to March 31.

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