The deregulation of the savings account rates has prompted the lenders to look for alternatives and innovations in order to attract customers to invest with them. In a similar effort State bank of Hyderabad has come up with a lucrative deposit scheme under which the deposited amount doubles itself in the shortest period of time.
Furthermore, the premature penalty gets waived if the customer wants to withdraw the deposited amount after a period of 60 months and even loan facility is available against the deposited amount. The scheme is available at all the branches of State Bank of Hyderabad with a minimum deposit amount of Rs. 10,000.
The deposit scheme yields 13.84% for general citizens and 14.56% for senior citizens.
