State Bank of India Double Scheme

Please tell about the Deposits under Double Benefit Deposit Scheme of State Bank of India?

[Shaleen]

Double Benefit Deposits provide a higher capitulate on the principal at the end of the stipulated period as the interest is compounded on quarterly basis.

This scheme is useful for short term and medium term investment :
Ranging from 12 months to 120 months

Minimum amount of Deposit :

Rs.10,000/-
in Metro and Urban Branches.

Rs.5000/-
at Rural

Rs5000/-
At Semi urban Branches For senior citezens the min amount

In this scheme accounts may be opened in the names of ::

Individual — Single Accounts
Two or more individuals — Joint Accounts
Sole Proprietory Concerns
Partnership Firms
Illiterate Persons
Blind Persons
Minors
Limited Companies
Associations, Clubs, Societies, etc.,
Trusts
Joint Hindu Families (accounts of non-trading nature only)
Municipalities
Government and Quasi-Government Bodies
Panchayats
Religious Institutions
Educational Institutions (including Universities)
Charitable Institutions

Hii Guys , I want to know State Bank of India Double Deposit Scheme ,, Will you please plzz provide me information for same ?

[sumit]

As per your asking here I am providing information about State Bank of India Double Deposit Scheme Have a Look :

Double Benefit Term Deposit

Minimum Instalment
Rs. 500/-

Maximum Instalment
10

Minimum deposit amount
Rs. 5,000/- in a Financial Year.

Maximum deposit amount
Rs. 50,000/- in a Financial Year.

Deposit Frequency
Any number in a month and any time

Quarterly compounded Interest.

Tenure
Minimum tenor is 5 years and maximum is 7 years.

Premature withdrawal

The rate applicable in case of premature withdrawal shall be 0.50% below the rate applicable for the period the deposit has remained with the Bank.

Tax Deducted at Source
Applicable

Penalty charges for non-Deposit of monthly instalments
Rs.50/- per Financial Year.

Loan facility
Available ( as available to Term Deposits)

Nomination facility
Available

Passbook
Available

Minimum instalment in a year
Rs 500/- to continue the account.

Most Important Terms & Conditions :

Minimum deposit amount - Rs. 5,000/- per Financial Year (plus in multiples of Rs. 500/- minimum of Rs. 500/- at any one instance

Deposits can be made anytime during a month and any number of times.

Penalty for default in payment of minimum deposit will be Rs.50/- per Financial Year.

Tenure: Minimum - 5 years, maximum - 7 years.
Maximum deposit amount - Rs.50,000/- in a Financial Year.
Tax Deduction at Source

Loan Facility as applicable to Term Deposit

Nomination facility available

Sir I want to know some info about the State Bank of India Double Scheme Fixed Deposits

[Shaleen]

State Bank of India is an Indian multinational, Public Sector banking and financial services company.

It is a government-owned corporation with its headquarters in Mumbai, Maharashtra and also its corporate office in Mumbai, Maharashtra

Hey buddy the State Bank of India does not provide the Double Scheme Fixed Deposits

Below I am givng you the Banks which are providing Double Scheme Fixed Deposits



Bank of Baroda –

Bank of Baroda offers a scheme titled “Baroda Double Dhamaka Fixed Deposit” which is primarily targeted to customers who wish to see their money grow.

This account can be opened by individuals and companies alike, with a minimum deposit of Rs 5,000 and a maximum deposit of Rs 1 crore.

The period to double an amount is 105 months and 3 days for senior citizens and 112 months for others

Tamil Mercantile Bank –

Tamil Mercantile Bank offers a “Double Deposit” scheme to customers, aiming to double a particular investment in a specified time period.

This scheme is open for individuals and companies alike, with the time period to double an investment standing at 98 months and 10 days for senior citizens and 104 months and 11 days for others.

The minimum deposit for this scheme stands at Rs 1,000.

Allahabad Bank –

Allahabad Bank offers a scheme titled “Double Deposit Plan” which is a combination
of a Fixed and a recurring deposit scheme.

Interest on this deposit is compounded quarterly, with a minimum investment of Rs 1,000.


Oriental Bank of Commerce –

The “Oriental Double Deposit Scheme” offered by Oriental Bank of Commerce aims to double the deposit of a customer over a specific time period.

The minimum deposit amount for this scheme is Rs 1,000, with the time taken to double the money standing at 105 months for senior citizens, 114 months for the general public, 99 months for staff members and 96 months for former staff members and senior citizens.

Punjab National Bank –

Punjab National Bank offers the “PNB Dugana Fixed Deposit Scheme”, aimed at
doubling the deposit of a customer.

This scheme can be availed by individuals and companies/firms alike, with a
minimum deposit of Rs 5,000.

An amount doubles in 99 months, post which it is returned to the depositor.

Benefits of FD Double Scheme

Accountholders can nominate others on their behalf.

These deposits earn attractive interest rates, enabling them to double
over a certain period of time.

Certain banks allow premature withdrawal of funds from this deposit.

Individuals/companies wishing to open this FD can open it without hassles, with banks following simple account opening procedures.

Individuals can choose to deposit amounts according to their financial
standing, with most banks accepting deposits ranging from a few thousand to lakhs.

Most banks offer loans on these fixed deposits, ensuring funds do not become
a liability.