Overview of State Bank of Hyderabad
State Bank of Hyderabad was established in 1941 under Hyderabad State Bank Act. The Bank’s first branch opened on 5th April 1942 at Gunfoundry. In 1959, it became a subsidiary of State Bank of India. State Bank of Hyderabad offers several products to its customers and all the branches are networked under Core Banking Solutions. With more than 1600 branches all across India, Bank of Hyderabad covers a significant part of Karnataka, the Telengana region and Marathwada of Maharashtra.
Recurring Deposits (RD) from State Bank of Hyderabad
Recurring deposits allow you to avail attractive rates of interest by maintaining smaller savings amount. SBH recurring deposit is a kind of deposit wherein you can save a certain amount every month, over a fixed time period. State Bank of Hyderabad has two types of recurring deposit account.
SBH Flexi RD
This particular scheme is available at all branches of State Bank of Hyderabad with monthly instalments as low as Rs 1000 and up to Rs 100000.
Recurring Deposit Scheme
Avail individual or joint accounts for a period of 12 months to 10 years. Enjoy deposit facility as low as Rs 100 per month.
Features and Benefits
- The schemes are available at all branches of State Bank of Hyderabad.
- The monthly instalments range from Rs 100 to Rs 100000.
- All residents of India, including minors, are eligible for State bank of Hyderabad recurring deposits.
- Both single and joint accounts can be availed by customers.
- Avail great loan facility up to 90% of the principal contribution and interest.
- From a child’s education to purchasing a house, the recurring deposit scheme is a great solution to your financial issues.
- TDS is exempted.
Interest rates offered by State bank of Hyderabad
The interest rates offered by State Bank of Hyderabad on their recurring deposit schemes are pretty lucrative. For a period of 12 months to 10 years, the interest rate on an amount below Rs. 1 crore is 8.25% and for an amount above Rs. 1 crore, the rate is 8%.
Process for opening a Recurring Deposit account with State Bank of Hyderabad
You can fill up the application form and produce the required documents to have a State Bank of Hyderabad Recurring Deposit account. You need your Permanent Account Number (PAN), proof of age and proof of address to apply for SBH RD.
Penalty is applicable on premature closure of the account as per the bank norms. Penalty is also applicable for SBH RD accounts which are discontinued or irregular.