DEPOSIT FUNDS 7 DAYS OR MORE, EARN DOUBLE INTEREST

Yes , It is true ,Just park/Transfer your spare funds in Saving bank Account in Term Deposit (FDR) for seven days of more and you will earn 7 % interest on that amount.No withdrawal penalty if deposit remains for more than 7 days .This scheme is provided by SBI and other bank(Check with your bank)  . Presently Interest rate on Saving deposit is 4 % .

STATE BANK OF INDIA TERM DEPOSIT SCHEME 

  1. Choice of interest at regular intervals or reinvesting the interest with the benefit of compounding. 
  2. Nomination facility available.
  3. Loan against the security of Term Deposit to the extent of 90% of the deposit, at 1 % p.a. above the rate of the deposit.
  4. No TDS if interest payable per year is less than  10,000 i.e. Investment for 1 year will not attract TDS for the amounts mentioned below: 
    • (a) Senior Citizen= 98,880 
    • (b)Others= 104,400 
  5. Hassle free premature payment anytime
    • (a) No prepayment penalty for tenors up to 90 days provided deposit runs for 7 days. (b)Only 0.5% penalty for tenors beyond 90 days. Invest for 90 days and withdraw anytime after 7 days without any penalty
TERM DEPOSIT INTEREST RATES




Tenor
Interest
Rate
(%p.a.)
Senior Citizen
Interest Rate
(%p.a.)
7 days to 90 days
700
7.00
91 days to 179 days
7.25
7.25
180 days to 240 days
6.50
6.50
241 days to less than 1 year
7.75
7.75
1 year and upto 10 years
9.25
9.75


SPECIAL TERM DEPOSIT
Maturity amounts lor deposit of Rs 10,000



Tenor    Maturity Amount
(?)
Annualised
Rate of Interest
(%p.a.)
Senior Citizen
Maturity Amount
(?)
Annualised
Rate of Interest (%p.a.)
1 Year   10957.58
9.58
11011.23
10.11
2 Years  12006.86
10.03
12124.72
10.62
3 Years  13156.62
10.52
13350.81
11.17
5 Years  15796.98
11.59
16187.49
12.37
8 Years  20783.48
13.48
21611.61
14.51
10 Years 24954.44
14.95
26203.47
16.20
     The figures in the above table indicate the effective (annualized) interest rate. 
• Interest rates are applicable as on 11th July 2011 on quarterly compounded basis and are subject to change.



Name

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Income Tax India: DEPOSIT FUNDS 7 DAYS OR MORE, EARN DOUBLE INTEREST
DEPOSIT FUNDS 7 DAYS OR MORE, EARN DOUBLE INTEREST
Income Tax India
http://www.itaxindia.org/2011/09/deposit-funds-7-days-earn-double.html
http://www.itaxindia.org/
http://www.itaxindia.org/
http://www.itaxindia.org/2011/09/deposit-funds-7-days-earn-double.html
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