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State Bank of Hyderabad, has launched a new deposit product “CHAL-ACHAL’ (Unfixed Deposit), which offers a combination of liquidity plus higher rate of interest to depositors.
Customers can park their short term surplus funds and earn higher returns. The depositors can also avail loan or overdraft. They can use the money while earning interest on it, says a bank press release.
The bank is offering a rate of interest of 7.25 per cent per annum for below Rs one crore and 7.67 per cent for deposits of above Rs one crore. The deposits can be placed for a period of minimum 7 days and maximum 179 days. The customer has option to withdraw the amount anytime after 7 days with no penalty.
The product is suitable for all categories of depositors like individuals, firms, trusts, corporate etc., who wish to park their temporary surpluses in Fixed Deposits.
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