India’s largest bank State Bank of India (SBI) has reduced its NRE/NRO, Senior Citizen, Domestic Term Deposit Rates from April 24, 2012. Below are the revised rates.
Premature withdrawal of SBI Term Deposits:
- Domestic Term and NRO Deposits should remain for a minimum period of 7 days and NRE Deposits should remain for a minimum period of 1 year in order to earn interest.
- No penalty for premature withdrawal upto 180 days and 0.5% for other maturities.
Do I have to own a bank account to put a fixed deposit ?
Its not necessary to have Saving bank account to open a fixed deposit account!
Is Tamil Nadu Mercantile bank a good bank to do Fixed deposit?
Yes Tamil Nadu Mercantile bank is good bank for FD. In-fact most of the time they offer best interest rates on different tenures! Anyway you must be aware that in India bank deposits up to Rs 1 Lakh is insured in case of default. You can read more here.