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15th July 2015, 09:56 AM
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| Re: Types of Deposits in State Bank of India
As you want to know about the types of deposits in State Bank of India so here I am providing you the details below There are two types of deposits accounts are there in SBI Recurring Deposits Account These are commonly known as RD accounts and are special kind of Term Deposits and are appropriate for people who do not have lump sum amount of savings, but are ready to save a small amount every month. Under these types of deposits, the person has to usually deposit a fixed amount of money every month (usually a minimum of Rs, 100/- p.m.). Any failure to pay in payment within the month attracts a small penalty. Fixed Deposits Account All Banks in India offer fixed deposits schemes with a wide range of tenures for periods from 7 days to 10 years. These are also generally known as FD accounts. However, in some other countries these are known as "Term Deposits" or even called "Bond". Usually a bank FD is paid in lump sum on the date of maturity. The rate of interest for Fixed Deposits differs from bank to bank (unlike earlier when the same were regulated by RBI and all banks used to have the same interest rate structure. For more visit to the official website of SBI which looks like  Contact Details: Smt. Arundhati Bhattacharya Chairman State Bank of India (022) 2202 2799 chairman@sbi.co.in |