The Hindu : Andhra Pradesh / Hyderabad News : SBH 500 scheme nets Rs. 200 crores in one week

Online edition of India's National Newspaper
Thursday, Feb 08, 2007
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Andhra Pradesh

Andhra Pradesh - Hyderabad

SBH 500 scheme nets Rs. 200 crores in one week

Special Correspondent

HYDERABAD: A whopping Rs. 200 crores was mobilised in a week by the State Bank of Hyderabad as part of its SBH-500 scheme that offers 9 per cent interest per annum for a 500-day deposit.

Launched on February 1, the scheme has evoked tremendous response, as it is the most viable and reliable, according to SBH Chief General Manager R.P. Sinha. He told reporters on Wednesday that depositors could choose to invest a minimum of Rs. 1,000 and in multiples of Rs. 1,000 thereof without any upper limit.

Deposits under the scheme would be accepted for a fixed tenure of 500 days, which would fetch 9 per cent interest (compounded at quarterly intervals).

The offer is valid till March 31, Mr. Sinha said. The bank deposits had touched Rs. 70,000 crores and the target is to touch Rs. 1 lakh crores by 2008.

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Andhra Pradesh