A minimum deposit size of AUD 250,000 is required to open the account for resident individuals. For Non-residents and other incorporated entities including superannuation funds, the minimum deposit size is AUD 20,000 The interest at the rate shown in our website is normally paid on maturity. However, interest can also be paid on annual or quarterly basis at suitably discounted rates at the option of the depositor.
Thanks a lot
250k…
and for 5 years at that….
Intergral888 vote revoked - why? - read here
rofl 250k…i can get better rates with wealth management funds
Geez, give quarter of a mil to some Indians for 5 years, just for 8.25%? I can think of much better investments for 250k…
csg001 - your comments are bordering on being racist. Please be a bit more careful. Why not just write what you are probably meaning. To a Bank that is not Local and a bank we dont have enough financial knowledge about.
What a lousy deal.
your taking the p!$$ right? right?
I can't see any reason to lock that much fund (even if I have) for 5 years with some unknown indians, just because they promise a slightly higher interest than my current ubank account. Hold on, they also pay the interest only once a year, which makes it even less worthy.
and the only Positive vote comes from the poster him/herself, which might be the last positive vote on this "bargain" if he/she don't log in with another account.
paid at maturity actually, so once in 5 years.
Agree
mily - your comments are bordering on being racist likewise. Please be a bit more careful. Why not just write what you are probably meaning. eg To a Bank that is not Local and a bank we dont have enough financial knowledge about. Its not about Indians
On another point - "And hold on…" - ubank offer 5.85% at call on daily interest, most 5 year term deposits offer yearly interest payments on the advertised rate. And using your logic 5.85 vs 8.5 is a big difference as with ubank 5.85 compounded monthly = 6.01% vs 8.5%.
So compare like with like. Rabo plus offers 7.4% vs this banks 8.0% for this 5 year TD (8% because reading the deal its 8.25% paid at the end NOT annually so this is effectively 8% PA) Now is that extra .6% worth risking your $250,000 on a bank unknown to most Australians? That's really the point.
Who in their right mind would lock away $250,000 in a State Bank of India account!
Hi Guys,
I am sorry, I misread 250k as 25k when I published this deal. but still as a superannuation fund minimum balance is 20k.
and for the people who thinks SBI is 'some Indians' Please refer to
http://en.wikipedia.org/wiki/State_Bank_of_India
Revenue in 2009 US$ 25.32 billion
Profit in 2009 US$ 2.45 billion
Total assets in 2009 US$ 264.94 billion
Total equity US$ 14.7 billion
hahahaha, so you reckon by having revenue figures in US$ makes it an "US bank"?!
BTW the wiki link you posted just made it more "Indians"… LOL
(not that there's anything wrong being an "indian's bank" of course…)
alot of "wrongs" for indian bank actually lol
no way, i wont give a cent event for 10% wit them
I gave figures in US$ because converting Indian Rupees into A$ would be too much of maths for you. ;-)
hahaha, it sounds like ur a rep from this website…
@homersyd: homersyd - maybe if you spent the time READING things you'd realise he is NOT a mod. He was reporting you to a mod. a Big difference. Maybe instead of laughing spend a little time reading a little more closely. LOL
And if you believe he is a rep. Please REPORT it that helps us all. BTW I have investigated this with the tools we as mods have, and I can't see a connection at this point in time.
I think the stats are there for scale rather than to imply that it's a US bank. (Elsewhere on the site it claims to have ranked 380 in the Global Fortune 500.)
Most Australian banks are offering about 7.25%, so if you are one of the seven OzBargainers with $250,000 in cash, and you wish to put it away for five years, then it may suit you.
Westpac would probably match this if it is a legitimate site:
"For rates on investment amounts above $250,000 please call 1300 362 742"
BTW the website could do with some redesigning…looks like my high school IT project… :)
For examples just check out some Australian banks' websites and do a comparison. Reason I'm saying this is just if you want people to really give you 250k deposits, I would expect the website to at least look like a University project (rather than high school) LOL
Not a bargain.
Please share why so?
Juicedpixels - you have been round long enough - voted negative enough times to know that you are wasting your vote with a comment like this. You MUST have read the wiki on voting by now!! Vote revoked, NOT because I dont agree with your vote. See your valid comments and vote here http://www.ozbargain.com.au/node/22947
nice clean up mods :D
tough but fair…
this site is for everyone…
25K or 250K?