Why SBI Unfixed Deposit is a good option if you have excess money?

Subscribe to GoodReturns
For Quick Alerts
Subscribe Now  
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts
    Why SBI Unfixed Deposit is a good option?
    If you have some spare cash, that too in large amounts, you could get good yields from the SBI Unfixed Deposit, where you can park the money for short term.
     

    Say as an example you need to make payment for a house and have liquid cash that needs to be paid only after a while, until then you can park the money in the SBI Unfixed Deposit.

    The Deposit is an investment cum savings plan, where the depositor gets higher return, good liquidity and no penal charges for early withdrawal. 

    The few features of SBI Unfixed Deposit are:

    • It offers benefits of both saving and fixed deposit account.
    • The scheme provides the liquidity feature of saving account and higher interest rate of fixed deposit account.
    • Unfixed deposits are available for short term ranging from 7 days to less than 1 year.
    • Can be withdrawn anytime after 7 days, without charges. This feature is very beneficial when compared to normal fixed deposits as it will attract charges on premature withdrawal.
    • If the money deposited under unfixed deposit is withdrawn before maturity then interest will be paid on the basis on number of days an investor remains invested. 
    • In case of partial withdrawal is made, the balance amount will fetch interest at the specified interest rate. 
    • Interest rates on unfixed deposits are treated same as on fixed deposit for tax purpose.

    Interest rates

    For deposit above Rs 1 Crore for a period of 7 days to less than year, the interest rates is around 7.50%
    Deposit amount for less than 1Crore i.e between Rs 15 lakh to 1 crore for a period of 7 days to less than year, the interest rate is around 6.50%.

    This scheme is ideal for people who are looking for short term liquidity. Individuals, companies, institutions, Firms, Trusts, Association can invest in this scheme.

    GoodReturns.in

    Read more about: sbi fd interest rates
    Story first published: Wednesday, April 3, 2013, 10:58 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more