About Us

We update you with Singapore bank interest rates.

July 6, 2010

State Bank of India (SBI) USD Term Deposit

Singapore Bank Interest Rates : State Bank of India (SBI) USD Term Deposit

Let us take a detailed look at the interest rates of another bank Singapore. Today it is the time to invest a look at State Bank of India (SBI) USD Term Deposit. This is a fixed deposit term deposit using US dollars in deposits.

State Bank of India (SBI) USD Term Deposit is provided for personal informational use only.

By the time you read about this Singapore Bank interest rates, there could be changes in the State Bank of India (SBI) USD Term Deposit interest rates. You should therefore not use these State Bank of India (SBI) USD Term Deposit rates Singapore unless you check them again with the bank.

Here are the State Bank of India (SBI) USD Term Deposit Rates Singapore.

State Bank of India (SBI) USD Term Deposit Interest Rates:

Tenor / rates in percent per annum (% p.a.)

USD100K to less than USD500K
1 Year= 2.50%
2 Year= 2.90%
3 Year= 3.50%

More than USD500K
1 Year= 2.60%
2 Year= 3.00%
3 Year= 3.50%

Minimum initial deposit
• Minimum deposit amount is USD 100,000.

Promotion period
• Promotion6 is valid for a limited period only from June 14, 2010 to August 15, 2010.

Required Documents
• Singapore Citizens, Singapore Permanent Residents – Singapore NRIC
• Foreigners – Passport and Employment Pass or Work Permit.
• Non – Individuals accounts – Banks Documentation requirements will apply.

Terms & Conditions
1. Eligibility criteria for US dollar time deposit:
• Applicable to all individuals and non-individuals accounts.
• Minimum deposit amount is USD 100,000.
• Minimum tenor:1 year ; Maximum tenor: 3 years

2. Interest: The following conditions govern the computation of interest rate:
• To be eligible for an interest, a minimum placement amount of USD100,000 for a minimum tenor of 1 year.
• Interest paid is calculated on a simple interest basis at the time of maturity. Interest payment is not compounded and will be paid only once at the end of the contractual period.
• Interest on foreign currency deposit is paid:
a) At a predetermined rate as per agreement
b) As a single bullet at the time of maturity of the deposit

3. Premature Cancellation: To enjoy the promotional USD Term Deposit rates, customers must commit to maintain the deposit with the Bank for the entire contractual period. Foreign currency accounts which are time deposits may not be withdrawn before the maturity date.

4. Loan against the deposit: Loans can be granted in USD up to 90% of the deposit, at interest rates of the deposit rate + 0.75% or 6 months Libor + 2%, whichever is higher.

5. Market Conditions: The deposit holder acknowledges and accepts that the net return on the deposit holder’s foreign currency time deposit will depend on market conditions prevailing at the time of maturity, and that the deposit holder is prepared to risk any loss as a result of a depreciation in the value of the currency paid or as a result of foreign exchange controls imposed by the country issuing the currency. The deposit holder acknowledges and accepts that such loss may offset the net return on such foreign currency time deposit and may even result in the loss of the foreign currency time deposit or a part thereof.

6. Promotion Period: Offer is valid from June 14, 2010 to August 15, 2010; subject to changes at SBI’s discretion. The rates are applicable to both individual and non – individuals accounts. The offer is not valid in conjunction with any other promotions unless otherwise specified. Rates are subject to change.

7. Business Day: Time Deposit transactions will only be accepted on a “business day” and at the Bank’s sole discretion. Time deposits will be placed for value on the day the currency is received by the Bank provided that it is a business day. The Bank shall carry forward the maturity date of any deposit due on a Sunday or any public holiday in Singapore and/or the domicile country of the foreign currency to the next business day. For the avoidance of doubt, “business day” refers to any day on which the Bank is open for banking business in Singapore and shall exclude Saturdays, Sundays and gazetted public holidays in Singapore and/or the domicile country of the foreign currency.

8. Unless otherwise stated in this set of Terms and Conditions, the general T&Cs governing SBI time deposit accounts apply. In the event of any difference between the two, the T&Cs contained herein shall prevail.

9. SBI reserves the right in its sole and absolute discretion to vary, delete or add to any of these terms and conditions of this promotion from time to time or to suspend or terminate this promotion at any time with prior notice where feasible or liability to any person. Information is subject to change and is correct at the time of print.

10. Foreign Currency Risk: Deposit holder acknowledges that there is an inherent exchange rate risk in Foreign Currency Deposits. Adverse movements in the exchange rates could reduce (or even eliminate) return or earnings on the Foreign Currency Deposits, and perhaps even part of the original investment. Such accounts may also be subject to exchange controls (if any) imposed on the currency held.

Bank deposit interest rates shown are indicative only. They are subject to change and are not to be taken as an offer to contract. Singapore Bank Interest Rates blogspot shall not be responsible for any loss or damage arising directly or indirectly from the use of or reliance on the information provided herein.

Written by

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.