In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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State Bank of India Term Deposit

State Bank of India Term Deposit
Interest rate 12 months interest rate
Up to 5.1% p.a.
Minimum opening deposit
$250,000
Maximum balance
$1,000,000

Summary

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.

Pros

  • Available for Australian non-residents
  • Can be used for superannuation funds
  • Flexible terms from 3 months to 5 years

Cons

  • Minimum investment of $250,000 for residents

In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

Details

Key details

Product Name State Bank of India Term Deposit
3 month interest rate 4.75%
6 month interest rate 4.90%
12 month interest rate 5.10%
24 month interest rate 5.10%
36 month interest rate 5.00%
48 month interest rate 4.50%
60 month interest rate 4.50%
Minimum Opening Deposit $250,000
Minimum age requirement 18
Government guarantee No

Eligibility

Minimum Age Requirement 18
Joint account availability No
Min Deposit $250,000
Available to children Not available for children

Key features

Tiered interest rates up to 4.9% 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.

Launch term deposit calculator


How to apply

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.

Eligibility

  • 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.

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