The Management of SME Bank Ltd has declared rates of profit on different deposit schemes for the period of July-December, 2008. According to a press release on Thursday, the profit on saving accounts up to the balance of 49,999 was five percent and from 50,000 to 999,999 the rate was 5.50 percent.
Similarly when amount increases, the rate also goes up. From 1 million to 49.999 million the rate was 6.50 percent. The rate goes up to 9 percent on savings accounts from 50 million and above. SME bank has also introduced Short Notice Deposit (SND) in which, the profit is payable at maturity, which is called SME regular Term Deposit Receipt, this is the shortest term deposit scheme.
The bank also announced profit rate at 5 percent on seven days SND and 5.50 percent on 30 days SND. As far as fixed term deposit is concerned, the bank announced profit rates on maturity. On one month fixed deposit, the bank announced 7.50 percent profit. For a period of three months, the rate was 8.50 percent and for six months the rate was 9.50 percent. On one year deposit, it is 10.50 percent, two years the rate goes up to 11.50 percent and at the end on three years, the rate was 12 percent.
The bank further announced the profit rates on monthly basis, paid on every first working day of the month. On one year, the rate is 10 percent and on two years period, it was 10.50 percent. The bank announced the profit rates on Daily Product Accounts in which, the profit is payable on daily closing balances.
Up to 100,000 the rate was five percent, from 100,001 to 300,000, the rate was 5.25 percent, from 300,001 to 500,000, the rate was 5.50 percent, from 500,001 to 800,000, it was 5.75 percent, from 800,001 to 1 million the rate was 6 percent and from 10,00,001 and above, the rate was 6.75 percent. -PR