It is unitized deposit scheme.
Minimum deposit Rs. 10,000/- i.e. 10 units
of Rs. 1,000/- each.
*
Period of deposit: One year to
Ten years.
*
Withdrawal in units of Rs. 1,000/-
permitted upto certain limits.
*
Rate of interest as applicable
to term deposit for different maturities.
*
Payment of interest as per special
term deposit pattern.
*
Penalty of interest only on amount
withdrawn.
*
No TDR but pass books issued.
*
Open to individuals, non-individuals,
minors.
*
Usual facilities like loan, overdraft
available.
Interest earned
on all Domestic Deposits except SB & RD
exceeding Rs. 5,000/- per person per branch
in a financial year attracts TDS provision
a per I.T. Act.
MULTI
OPTION DEPOSIT SCHEME
*
Individuals including minors,
aged above 10 years in Single or Joint names,
NRIs are also eligible.
*
TDR/ SPTDR account in conjunction
with S.B. /C.D account or both. In case of
minors only S.B. Account can be opened. Minimum
balances in S.B.Accounts need to be maintained.
*
Amount in multiples of Rs. 1,000/-
with a minimum of Rs. 10,000/-. Initially (10
units) and in multiples of Rs.1, 000/- with
a minimum of Rs. 5,000/- subsequently. Deposit
accepted for 1 year to 5 years
*
When a cheque drawn beyond the
balance available in SB/CD account, minimum
units required automatically broken in multiplies
of Rs. 1000/- and brought into SB/CD account.
Remaining units will continue to earn interest
at the contracted rated.
*
Scheme is made operational at
fully computerized branches only.
SBS Flexi Deposit
Scheme
*
This is a Saving Bank Account
with additional feature of auto sweep of excess
balance over a threshold limit twice a month
on 10th and 20th every month.
*
TDRs/STDRs will automatically
opened for a minimum amount of Rs.10, 000/-
and in multiples of Rs.1, 000/- in any one
instance.
*
The TDRs/STDRs will be opened
for maturities of 6, 12, 24 and 36 months as
per choice.
*
The fixed deposit created will
be in the units of Rs. 1,000/- and can be drawn
conveniently by merely issuing cheques. The
balance amount continues to earn contracted
rate of interest, enabling to earn a better
yield on idle funds.
*
Operative only in computerized
branches.
SBS
‘SUVIDHA’ DEPOSIT SCHEME
*
A scheme with regular
monthly benefit.
*
Regular monthly/bi-monthly
commitments like school fees; electricity, telephone
and house rent, grocery bills can be met with
relative comfort.
*
Ideal for middle
income, salaried and fixed income groups. Also
suited to retired/senior persons for hassle free
life.
*
Individuals including NRIs singly
or jointly and minors with guardians also eligible
Minimum deposit for
3 years and maximum for 10 years. The quantum
of deposit varies with prevalent interest rate
and amount of pension (Rs. 800/- or Rs. 1000/-)
opted.
*
Bank staff
and ex-staff members are also eligible.
SBS TAX SAVER
SCHEME
A
Bank Term Deposit Scheme 2006 has been introduced
by the Central Government commencing from the
financial year 2006-2007 wherein time deposits
made upto Rs.100,000 for a period of 5 years
are exempted from payment ofIncome Tax under Sec 80C.
A scheme called “SBS TAXSAVER SCHEME”
is introduced in our Bank and has come into
effect from 27th September, 2006.
Name
of the scheme
SBS
Tax Saver scheme
Who
can invest
Assesses
being individuals, either singly or The
joint holder type deposit receipt may
be issued jointly to two adults or jointly
to an adult or a minor, and payable to
either of the holder or to the survivor
Provided
that in the case of the joint holder type
deposit, the deduction from income under
section 80 C of the Act shall be available
only to the first holder of the deposit.
Type
of deposit
Term/
Re-investment deposit
Amount
An
assesse can invest in the term deposit
any amount not exceeding one lac rupees
in a year.
The
amount to be invested in the term deposit
shall be minimum of one hundred rupees
or multiple thereof.
Period
of interest
The
maturity period of term deposit shall
be five years commencing from the date
of the receipt.
No
term deposit shall be encashed before
the expiry of five years from the date
of its receipt.
Interest
As
applicable for a term deposit for a period
of 5 years announced by the Bank from
time to time.
Senior
citizens will be given additional interest
over and above the rates offered to the
public as declared from time to time.
Please
refer INTEREST RATES-DEPOSIT SCHEMES section
for latest interest rates.
Other
Conditions
No
premature payment will be allowed.
The
deposit cannot be pledged to secure any
loan or as security to any other loan/
facility.
TDS
Interest
on these deposits shall be liable to tax
under the Act as per procedures already
laid down. The tax on such interest will
be deducted in accordance with provisions
of sec 194 A or sec 195 of the IT Act.
Nomination
Nomination
may be by the single holder or the joint
holders of a term deposit before its maturity.
No
nomination to be made in respect of a
term deposit applied for and held by or
on behalf of a minor.
Right
of nominees
In
the event of the death of the holder of
a term deposit in respect of which a nomination
is in force, the nominee shall be entitled
at any time before or after the maturity
of the term deposit to encash the term
deposit.
Other
Conditions
All
other terms and conditions same as for
applicable to term deposits.
