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Rounded Rectangle: LIBERALISED REMITTANCE SCHEME          

SBI JUBILEE DEPOSIT

 

 

Fixed Rate Deposit 1

Salient Features: 

Ø The Scheme is available to resident Indians

Ø The deposit is accepted on cumulative or non-cumulative  basis. In non-cumulative deposits the interest is payable on yearly basis.

Ø Deposit Objectives: To provide an attractive return over a   period of 5 years, with easy liquidity.

Ø Deposit Amount: The minimum amount of the deposit shall be US$ 10000.00

Ø Currency of Deposit: The currency of the deposit is US Dollar.

Ø Period of Deposit: Minimum 1 year and maximum 5 years
 

1

Deposit Objective

Objective of the scheme is to provide an investment opportunity to depositors under Liberalised Remittance Scheme to earn an assured and attractive return over a period of 5 years.

2

Amount of Deposit

The minimum amount of deposit under the scheme shall be US$ 10,000/-.

3

Currency of Deposit

Deposit under the scheme shall be accepted in US dollar only

4

Effective date of the deposit

The effective date of deposit under the scheme shall be the next business day of the date of receipt of funds in our Nostro account

5

Period of Deposit

The deposit shall be for a fixed period of one to five years

6

Rate of Interest

Amount of deposit

10,000/- to < 100,000/-

Period

Spread over 5 year swap

Indicative rates (as per prevailing  5 year swap)

1 yr to <2 yrs

 

 

2 Yrs to <3 Yrs

 

 

3 yrs to <4 yrs

 

 

4 yrs <5 yrs

 

 

5 yrs

 

 

The above rates are indicative only. Actual rate of interest will be fixed on the basis of related year swap as on effective date of Deposit. Interest shall be compounded annually.

7

Premature withdrawal

Premature payment of deposit under the scheme will be permitted as per rules subject to recovery of unwinding charges if any.

8

Nomination Facility

Available.

9

Withholding Tax

At present there is no income tax/corporate tax/withholding tax payable in Bahrain. 

                   

Floating Rate Deposit 2

Ø Deposit Objectives: To provide an attractive return over a period of 5 years, with easy liquidity. The Scheme is available to resident Indians.

Ø Deposit Amount: The minimum amount of the deposit shall  be USD 10000

Ø Currency of Deposit: The currency of the deposit is US Dollar.

Ø Period of Deposit: Minimum 1 year and maximum 5 years

Ø Interest: The deposits will bear floating rate of interest. The scheme is available on cumulative and non cumulative( six monthly interest payment payable on reset date) basis. The depositor has an option of choosing either the cumulative or non cumulative scheme. The interest rate will be linked to       6 months’ Libor and will be reset at the end of each half year from the date of the deposit as under:

Period

Rate of interest

 

For amount upto USD 20,000/-

For amount USD 20,000/- and above

1st and 2nd half years    

6M LIBOR

6M LIBOR plus 10 basis points

3rd and 4th half years   

6M LIBOR plus 10 basis points

6M LIBOR plus 20 basis points

5th and 6th half years

6M LIBOR plus 20 basis points

6M LIBOR plus 30 basis points

7th and 8th half years

6M LIBOR plus 30 basis points

6M LIBOR plus 40 basis points

9th and 10th half years

6M LIBOR plus 40 basis points

6M LIBOR plus 50 basis points

Ø Premature Withdrawal: Pre-mature withdrawal of the deposit is permitted as per rules subject to the unwinding charges.

Ø Nomination Facility : Available

Ø At present there is no income tax / Wit holding Tax payable in Bahrain
 

Saving Account Deposit 3

Ø Deposit Objectives:To provide an attractive return, with easy liquidity.

                                            The scheme is available to Resident Indians.

Ø Deposit Amount    :The minimum amount of the deposit shall be US$1000

Ø Currency of Deposit: The currency of the deposit is US Dollar.

Ø Period of Deposit: Payable on demand

Ø Interest                   : The deposits will bear floating rate of interest. The interest will be paid on the minimum balance during the month. The interest rate will be linked to effective Fed Fund Rate(FFR) and will be reset as and when changed. The interest payable would be FFR  – 100 basis points and for the minimum balances above USD 20,000.00 the rate of interest for that month would be FFR – 50 basis points. 

Ø Type of deposit          :Demand deposit

Ø Nomination Facility   :Available

Ø At present there is no income tax / Wit holding Tax payable in Bahrain

 

For further information please contact us on telephone at +973-17224720, 17212854 and 17224705 or Fax 17224692/17212714 or e-mail to sbinri@batelco.com.bh                           

 

 

 
 
     

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