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.
Just remember, this account can only be opened if you have a minimum deposit of $250,000.
What are the features of the State Bank of India Term Deposit?
The State Bank of India Term Deposit should be compared with other Australian bank’s term deposit accounts before you make a decision on where to stockpile your savings. Look at the features that the State Bank of India term deposit offers and see how they stack up against the others.
Tiered interest rates up to 3.10% 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.
- Available for Australian non-residents
- Can be used for superannuation funds
- Flexible terms from 3 months to 5 years
- Minimum investment of $250,000 for residents
How do I apply for the State Bank of India Term Deposit?
You 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 next?
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.