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State Bank of India’s magnificent five (year bond)

State Bank of India’s magnificent five (year bond)

Category: Savings

Updated: 30/05/2017
First Published: 28/09/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The State bank of India has extended its fixed rate portfolio with the addition of a competitive five year bond.

The New High Return Fixed Deposit is a five yearly fixed term account which pays a yearly rate of 5.25% (5.128% monthly) on a minimum investment of £10K.

No early access or additions are permitted and investors must have or open a State Bank of India savings or current account.

This product is one of the top five year fixed options currently available and should prove popular with those with £10K or more to invest. A monthly option will also heighten its appeal.

An additional account with the bank is needed, but it does not have to be funded. Thus, so investors should not be unduly put off, although they should be certain they can afford the investment as early access is prohibited.

This five year bond is well worthy of four out of five Moneyfacts stars.

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