SBT has announced festival offer of high interests for depositing for 500 days

By | September 5, 2011

According to a recent press report the public sector bank State Bank of Travancore headquartered in Trivandrum has announced a festival offer of increased rate of interest for deposits. Under this scheme the customers can make deposits for a period of 500 days and earn attractive interest rates.

The bank has announced a 10 per cent rate of interest for the general public who invest in this deposit scheme. It has also given a special benefit of additional 0.5 per cent to 10.5 per cent rate of interest for the senior citizens who deposit under 500 days scheme. The customers can avail this benefit only for this festival season which would be available up to 31st October, 2011.

State Bank of Travancore is a subsidiary of the State Bank Group and also has private share-holders. It is the premier bank of Kerala State, India, where it has 700 branches. The bank was established in 1945 as the Travancore Bank Ltd, at the initiative of C. P. Ramaswami Iyer, then Divan of Travancore.

The bank became a subsidiary of State Bank of India in the year 1960, under the SBI Subsidiary Banks Act, 1959, enacted by the Parliament of India. The bank recently announced a 25 basis point-hike each in base rate and benchmark prime lending rate to 9.75 per cent and 14.50 per cent. The hike in its interest rate is likely to make its loans such as home loan, personal loan, auto loan etc costlier.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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