To qualify for this offer, customer must place a minimum of SGD 10,000 or USD 10,000 (subject to a maximum of SGD / USD 1 mio for retail and SGD / USD 10 mio for corporate) into the Account for a period of 12 months (“Contractual Tenor”).

State Bank of India (SBI) will pay interest on every Cycle on each Cycle Maturity Date and credit the principal upon completion of contractual tenor to the mandated account. Only the principal amount will be rolled over to the next cycle at the stepped up interest rate. Customer must mandate a valid SBI Savings/ Current Account for crediting of interest on every Cycle Maturity Date and payment of principal upon the completion of contractual tenor.

Premature withdrawal of term deposit is allowed but interest at prevailing board rate for the previous completed quarter shall be applied. For any withdrawals before the completion of the 1st quarter, no interest shall be paid. Premature withdrawal means, any withdrawal in between of any cycle.

Topping up the principal during the subsistence of the contractual tenor is not allowed. Any request for topping up will be regarded as an application for fresh placement and is subject to the prevailing interest rates and conditions we may impose at that relevant point in time.

SBI reserves the right to discontinue or vary this promotion or revise the interest rates or extend or withdraw the promotion without prior notice.

Upon Account opening, SBI will issue the standard Deposit Confirmation Advice with details of Account Opening Date, Account Maturity Date, interest rate, currency, principal amount and maturity amount.

Singapore dollar deposits held by or for an individual (excluding sole proprietorships and partnerships), charity or such insured depositors in accounts listed in State Bank of India Bank’s Insured Deposit Register will be insured in accordance with and up to the limits specified in the Deposit Insurance Act 2005.

Market Conditions: In case of USD deposits, the deposit holder acknowledges and accepts that the net return on the deposit holder’s foreign currency time deposit will depend on market conditions prevailing at the time of maturity, and that the deposit holder is prepared to risk any loss as a result of a depreciation in the value of the currency paid or as a result of foreign exchange controls imposed by the country issuing the currency. The deposit holder acknowledges and accepts that such loss may offset the net return on such foreign currency time deposit and may even result in the loss of the foreign currency time deposit or a part thereof. Such accounts may also be subject to exchange controls (if any) imposed on the currency held.