SBI Maxima Multiplier

Nature of Deposit
SBI Maxima Multiplier is a cumulative, fixed rate term deposit scheme

Currency
Deposits under the scheme are accepted in Bahraini Dinar and USD only

 

Eligibility
Individuals above the age of 21 (of all nationalities), legal entities such as firms, companies, trusts, clubs, associations, societies etc. are eligible to open account the scheme. Parent or legal guardian may open account in the name of a minor (i.e. below the age of 21 years). The account will be operated by the parent or legal guardian the account till the minor becomes a major.

Minimum Deposit
BD 1000.000 / USD 2500.00

Period of Deposit
Minimum one year, Maximum five years

Rate of Interest
At rates prevailing on the date of the deposit. Current rates will be published in the branch premises.

Joint Accounts
Accounts can be opened in the joint names of upto three persons. However, notwithstanding any instructions regarding mode of operation in the account / payment of balance in the account, on the death or incapacitation of one of the account holders, the account will be suspended until a representative of the deceased / incapacitated account holder is appointed. The account will be deemed to be divided among (not jointly owned by) the joint account holders.

Guarantee Cover
Cover under the Deposit Protection Scheme of the Central Bank of Bahrain will be available for ‘eligible deposits’.

Jurisdiction
Only the courts in Bahrain shall have jurisdiction in respect of all matters of dispute pertaining to deposits under the scheme.

Governing Law
The scheme shall be governed by and construed in accordance with the law of Bahrain

Computation of Interest
On 365 days basis

Compounding of Interest
Interest will be compounded annually and paid along with the principal on maturity.

Premature Withdrawal
Premature payment of deposits under the scheme shall be solely at the discretion of the Bank. No interest will be payable in the event of premature withdrawal, unless the deposit has run for a minimum period of three months. The interest rate applicable on deposit on premature payment will not be the contracted rate but at 1% below the rate (as on the date of placing of the deposit) applicable for period for which deposit has run subject to recovery of unwinding cost in full.

Renewal of deposit
On maturity of deposits under the scheme, if no instruction is received for disposal of maturity proceeds, the deposit shall be rolled over for the same period as that of the matured deposits, at interest rates then prevailing.

Assignment of deposits
Depositor shall not assign, transfer, charge, pledge or otherwise encumber any deposit without the specific written approval of State Bank of India.

Loan against deposits
The bank may consider loan against the deposits to the extent of maximum extent of 85% of the deposit (including accrued interest). Rate of interest on the loan will be fixed on the basis of money market rates prevailing on the date of the loan.