while the FDs catry interest ranging from 2.5 per cent for 15 days to 7.5 per cent for a tenure of one year or more. Hence, if an accountholder has fixed his threshold limit at, say, Rs 50,000 and has Rs 80,000 in his SB account, the excess amount of Rs 30,000 in his account would be automatically converted into one or more FDs for a tenure which will give him higher rate of interest. For example, ICICI Bank transfers the amount in excess of the threshold limit into FDs in multiples of Rs 5,000 for a period of one year or a tenure of accountholder's choice and the FDs are automatically renewed for a period of one year (or the period decided by the depositor) at the prevailing rate of interest.
Wednesday, April 7, 2010
while the FDs catry interest ranging from 2.5 per cent for 15 days to 7.5 per cent for a tenure of one year or more
while the FDs catry interest ranging from 2.5 per cent for 15 days to 7.5 per cent for a tenure of one year or more. Hence, if an accountholder has fixed his threshold limit at, say, Rs 50,000 and has Rs 80,000 in his SB account, the excess amount of Rs 30,000 in his account would be automatically converted into one or more FDs for a tenure which will give him higher rate of interest. For example, ICICI Bank transfers the amount in excess of the threshold limit into FDs in multiples of Rs 5,000 for a period of one year or a tenure of accountholder's choice and the FDs are automatically renewed for a period of one year (or the period decided by the depositor) at the prevailing rate of interest.
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