- What type of Deposit Products are offered by SBI Australia?
- What is the minimum balance to be maintained in Current Acount & Term Deposits?
- What is the Interest Rate on Current Account / Deposit Account?
- Is Premature Closure permitted in Term Deposits?
- Is there an option to Auto-Renew the Deposit?
- What range of terms can I choose from for a Term Deposit?
- What happens at the maturity of my Term Deposit?
SBI Australia offers two types of Deposit accounts which are Current Account & Term Deposits.
There are some limits on the minimum balance depending on the customer type.
- Australian Resident Individual: A$ 250,000 for both: Current Account and Term Deposits
- Australian Partnership Firms, Pty Ltd Companies,Corporates and Non-Resident Individuals:
- Current Account - A$ 5,000 (or equivalent if USD currency account is required)
- Term Deposit - A$ 20,000 (or equivalent if USD currency account is required)
- Current Account: NIL
- Term Deposit: As published in the website.
Yes. however, penalties will apply
Is there an option to Auto-Renew the Deposit?
Yes. As long as this is specified in the application form to auto-renew.
You can choose from a variety of terms including:
- 90 Days
- 180 Days
- 365 Days
- 1 Year
- 2 Years
- 3 Years
- 5 Years
When your Term Deposit matures - that is, it reaches the end of its term - you have a few options depending on whether you want to keep saving, or cash out to get your hands on your money.
You'll be asked to choose from the following maturity options when you apply for your term deposit.
- Renew Term Deposit - Principal and Interest
Choose this option if you want the total amount in your Term Deposit to be renewed - for the same time period - upon maturity.
- Renew Term Deposit - Principal Only
Choose this option if you want the interest earned during the Term Deposit to be transferred to your linked bank acocunt. We will then renew the Term Deposit using your original deposit account.
- Close the Term Deposit
Choose this option if you want all of your money - the original deposit amount plus any interest earned - transferred back into your linked account.
On the day your Term Deposit matures, we'll act on your chosen instructions. If you chose option 2 or 3, we'll transfer the money to your designated bank account within a day.