State Bank of India offers savers returns of up to 4.2%

The State Bank of India has launched a new issue of its Hi Return Fixed Deposit savings account.

The new issue offers savers a choice of seven different savings products, from a short-term savings option of just one – five months that pays two per cent Gross/AER to a five-year option that pays a rate of 4.20 per cent.

The State Bank of India says that the products offer savers a reliable source of fixed income.

The other five options and the interest rates paid are:-

Six – eleven months pays 2.50 per cent

One year pays a rate of 3.00 per cent

Two year terms pays 3.50 per cent

Three year Hi Return Fixed deposit savings accounts pay 3.65 per cent

Four year savings accounts pay 3.80 per cent and the five year term product pays 4.20 per cent.

Anil Arora, Head of Marketing & Business Development at State Bank of India, said: “We believe every saver has different needs; while everyone is looking for a good rate of return some want access to their money after just a short period while others are looking for a more long term solution. Our Hi Return Fixed Deposit offers savers seven different options to choose from to suit their individual needs; all of which offer competitive rates and a guaranteed fixed return.”

Savers cannot access their funds before the end of the term and the minimum amount to deposit is £1,000.

These products will only be available for a limited time and can be opened by post after downloading an application form from The Bank’s website or by opening an account in a branch.

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