SBH waives FD pre-closure penalty

State Bank of Hyderabad (SBH) has waived the penalty for premature closure of all fixed deposits opened or renewed on or after April 1. The waiver would be applicable if the deposit has remained with the bank for at least seven days and interest would be paid for the period of deposit at the published rate. SBH is also launching a new term deposit scheme from April 1 with a maturity period of seven days to 14 days at 5 per cent interest for single deposit of Rs 25 lakh and above, according to a release.