SBI 1000 DAYS

HIGHLIGHTS SBI 1000
· The Minimum Deposit Amount is only Rs.1000/-.
· There is no limit on the higher side which means that you can deposit whatever amount you want to.
· The Interest Rate is 9% and for senior citizens it is 9.25%
· You can avail SBI 1000 at any SBI branch
· SBI Internet Banking lets you access it 24 hours a days seven days a week.
· Nomination Facility – Available.

Safety – Safety and security is a prime concern and we have proved for the past 200 years.

Liquidity Loan /overdraft facility :- In case of an emergency SBI lets you take a loan/overdraft against your deposit. The loan amount is 90 % of your term deposit or fixed deposit.

Compounding Cycle – Quaterly

Premature Withdrawal – 6.25% and 6.75 % for senior citizens will be charged for the remaining period of time for premature withdrawl of the term deposit

Transferability – The term deposit can be transfered in any of the SBI branches free of cost.

Flexibility to convert your Special Term Deposit to Term Deposit and vice versa – You can convert your special Term Deposit to a Term Deposit to receive monthly/quarterly interest payments to match your financial requirements. Quarterly interest at calendar quarter is also available.
You can also convert your Term Deposit to a Special Term Deposit, which provides compounded rate of interest to multiply your money faster.

Tax Implications – Tax Deductible at Source, as per Income Tax Act.

Automatic Renewals – In case you forget to collect tour term deposit at the end of the time period then you will accrue interest at the same rate of interest that you were earning for that term deposit in this case you will continue to earn 7.25 or 7.75 interest on your term deposit so in other words it automatic renewal. Automatic renewals take place where there are no standing instructions for renewal.