State Bank of India Term Deposit
The State Bank of India allows Aussies to earn a high interest rate on even a short term term deposit.
India’s largest commercial bank, the State Bank of India, offers Australians a competitive term deposit to help meet financial goals. This is an ideal account if you are looking for a short term place to stow your super funds in between any longer term investment opportunities.
Up to 1% p.a.
6 months interest rate
Minimum opening deposit
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|Product Name||State Bank of India Term Deposit|
|3 month interest rate||0.95%|
|6 month interest rate||1.00%|
|12 month interest rate||1.00%|
|24 month interest rate||0.90%|
|36 month interest rate||0.90%|
|48 month interest rate||0.90%|
|60 month interest rate||0.90%|
|Minimum Opening Deposit||$250,000|
|Minimum Age Requirement||18|
|The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.|
Tiered interest rates up to 1% p.a.
The interest rates offered by the State Bank of India are competitive, allowing you to see a substantial increase on your investment. They are also tiered, meaning the longer you invest your money the higher the interest rate is.
Minimum deposit of $250,000
Australian residents will need to be able to deposit $250,000 in order to open a term deposit while non-residents, incorporated entities and SMSFs will need $20,000.
Terms from three months to five years
You can choose between terms ranging from three months to five years. Remember, the longer you invest your money in this term deposit, the better interest rate you will receive. This is the bank's way of thanking you for letting them borrow your money.
Interest paid at maturity
Interest is typically paid at maturity, but you can choose to have annually or quarterly payments made for a slight reduction in the interest amount.
How to applyYou will need to speak directly with a representative from the State Bank of India if you wish to open a term deposit with them. Their offices are located in Sydney, or you can call them to find an alternative to establishing your term deposit. Some of the eligibility requirements that they will ask you to meet include and the documents you will need are below.
- Minimum age. You'll need to be at least 18 years old to apply online.
- Residency requirement. This account is available for any resident or non-resident of Australia.
- Depository requirement. Australian individual applicants who are also residents will need to deposit at least $250,000. Non-residents, corporations and SMSF trustees can open the account with $20,000.
- Tax file number. Australians opening an interest earning account should provide their tax file number (TFN) or exemption code to avoid having those earnings taxed at the highest marginal rate.
- Identification. You will need to have a photocopy of your identification documents along with one of your passport. A passport sized photograph of all deposit holders is also required.
- Address. A photocopy of a document showing proof of address is also required.
What happens after I submit my application?
With all of your documentation in order along with your initial deposit, the State Bank of India will be able to open your term deposit and allow your savings to begin earning interest.