SBI floats new scheme

MUMBAI, June 30: State Bank of India is launching a hybrid deposit scheme for the first time to counter competition from aggressive foreign and new private sector banks.

The largest commercial bank in the country will offer a three-in-one deposit scheme christened `Multi Option Deposit Scheme’, which will have the facilities of a savings account, fixed deposit and current account simultaneously. The new scheme is being launched on July 1, the State Bank day. The scheme provides complete operational freedom to a depositor by enabling him to obtain premature payment on his fixed deposit or take loans against the deposit without having

to make a repeat visit to the bank.

The scheme will be available in all computerised branches, which numbers over 100 in Mumbai and around 900 all over India. The deposits will be accepted in multiples of Rs 1000 with a minimum of Rs 10,000.