Public sector lender State Bank of Hyderabad has come up with a new deposit scheme which would double itself in the shortest time span. Christened as the 'double deposit scheme', it would come with double benefit for the customer.
A general citizen will see his fixed deposit amount double in just 87 months while for a senior citizen, the amount would double itself in just 83 months.
Interest rates applied would be 13.84% for a general citizen and 14.56% for a senior citizen.
Also, no premature penalty would be charged on these deposits.
The mininum deposit requirement for the scheme has been set at Rs 10,000 and in multiples of Rs 1000 therafter.