Fixed deposit interest rates in SBI
SBI (State bank of India) is the biggest bank public sector bank in India. It provides benchmarks to all other banks in India. Other banks generally follow the rates fixed and revised by SBI from time to time.
SBI fixed deposit scheme is a simple and good option to earn higher interest rates on your money lying idle in savings bank account. SBI fixed deposits are highly flexible and one can opt for a fixed deposit period from 15 days to 10 years. Fixed deposit interest rates vary with the time period and can be opened with a nominal minimum amount of Rs. 1000 only to start with. Fixed deposit interest rates of SBI are revised from time to time and the following are the latest term deposit / fixed deposit interest rates of SBI. Read More: SBI Fixed deposit maturity amount Calculator
The rates were revised 18th February 2014. SBI fixed deposit interest rates above Rs 1 crore were also revised on 18th February 2014
The revised fixed deposit interest rates of SBI are applicable on all fresh deposits and renewals of maturing deposits. All existing fixed deposits will earn the same rate of interest as fixed on purchase date. Senior citizens are paid more interest in certain tenures.
Latest SBI interest rates below one crore revised on 18th February 2014
Maturity period | General | Senior citizen |
|---|---|---|
7 days to 90 days | 7.5 | 7.5 |
91 days to 179 days | 7.5 | 7.5 |
180 days to 210 days | 7.0 | 7.0 |
211 days to less than 1 year | 7.5 | 7.5 |
1 year to less than 2 years | 9.0 | 9.25 |
2 years to less than 3 years | 9.0 | 9.25 |
3 years to less than 5 years | 8.75 | 9 |
5 years and up to 10 years | 8.5 | 8.75 |
Latest SBI interest rates above one crore revised on 18th February 2014
Tenure | Earlier | Revised | Earlier for Senior Citizens | Revised for Senior Citizens |
|---|---|---|---|---|
7 days to 60 days | 6.5% | 6.5% | 6.75% | 6.75% |
61 days to less than 1 year | 7.35% | 7.0% | 8.0% | 7.25% |
1 year to less than 2 years | 8.25% | 8.25% | 8.50% | 8.50% |
2 years to less than 5 years | 8.50% | 8.50% | 8.75% | 8.75% |
5 years to 10 years | 8.50% | 8.50% | 8.75% | 8.75% |
Premature closure of Term Deposits
If you plan to cancel the fixed deposit prematurely then interest paid on premature withdrawal of term deposits will be 0.50% below the rate applicable for the period deposit has remained with SBI. Earlier this was 1%. No interest will be paid if the deposit remains for less than 7 days period. However, for single deposit of Rs 15 lacs and above, there shall be no penalty for premature withdrawal for tenors below 1 year provided these have remained with the bank for at least 7 days.
Fixed deposit interest rates in SBI for senior citizens
Resident Indian senior citizens (above 60 years of age) get higher returns for fixed deposit in certain tenures
Read More: SBI Fixed deposit maturity amount Calculator