Wednesday, November 10, 2010

Online Deposit in FDR with State Bank of India

Friends,  Now State Bank of India is providing a good facility to their customers that is e-TDR.  After this facility there is no need to visit bank for depsoiting your money in FDR (Fixed Deposit Receipt).  Further also informed that there is also no need to keep hard copy of receipt of FDR.  Receipt can be printed out at any time from saving account.   There are some general Terms and Conditions which are explained as under :-
(Transaction I.D. is required for making any deposit online)
Terms and Conditions for e-TDR / e-STDR

  1.  The e-TDR/e-STDR in INR is generated in the same name(s) of the account holder(s) as in account from which it is funded.
  2. The interest proceeds on the Term Deposit (e-TDR), will be credited by default to the account from which the Term Deposit (e-TDR) was funded.
  3. Bank will deduct the income tax as per the law applicable and in case no tax is to be deducted, form 15H/G has to be submitted by the depositor to the branch just after opening the e-TDR/e-STDR and at the beginning the Financial Year in the subsequent Financial Years.
  4. Presently the e-TDR/e-STDR is not issued at additional rate of interest for Senior citizens (Sr. Citizen Public & Sr. Citizen Staff). In case the depositor is Senior citizen and desires to get additional rate of interest, he / she will have to apply at branch for the same.
  5. In the absence of demand for payment or instruction to the branch, on or before the date of maturity, e-TDR/e-STDR will be renewed / continued for the similar period(s) at prevailing rate of interest.
  6.  Interest rate on floating rate term deposit would be linked to Bank's base rate and would bereset every time the base rate changes, with an upper cap of 200 basis points above thefixed term deposit rate. Maturity Value shown in the term deposit advice will vary accordingly as per interest rate applicable during its tenure.

This is a system generated advice. It does not require any signature.

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