Domestic Term Deposit Interest rates in SBI - Fusion - WeRIndia

Domestic Term Deposit Interest rates in SBI

Domestic Term Deposit Interest rates in SBI

The largest commercial bank SBI (State Bank of India) offers the following interest rates on domestic term deposits for various terms. All these rates are effective from October 7, 2014. SBI offers highest interest rates on the deposits of tenors of 1 year to 4 years at 8.75% if the deposit amount is below Rupees One Crore. The highest interest rates on the deposits of Rupees One Crore and above is 8.50% for the tenors of 2 to 10 years.

The interest rates are as follows on the deposits of below Rupees One Crore: Interest rate is 6% on short-term deposits from 7 days to 45 days, 7% for 45 days to 179 days and 7.25% for 180 days to 210 days and 7.5% for 211 days to less than 1 year. It is 8.5% for 5 years to 10 years. These rates are similar for senior citizens on the deposits for a tenor of up to 1 year. However, the interest rates on the long-term deposits ranging from 1 year to less than 5 years is more for senior citizens – that is 9%. After that it is reduced to 8.75% on the deposits of tenors of 5 years to 10 years.

The interest rates are as follows on the deposits of Rupees One Crore and above with effect from September 18, 2014: Interest rate is 6.25% on short-term deposits from 7 days to 60 days, 6.75% for 61 days to less than 1 year, 8.25% for 1 year to less than 2 years and 8.5% for 2 years to 10 years. It is 8.5% for 5 years to 10 years. Senior citizen can get 0.25% more interest on all these deposits. The interest rates are 1% more on these term deposits to SBI staff and SBI pensioners.

Premature withdrawals will attract penalty of 0.5%. Yet, the single deposits of Rs. 15 lacs and above for a tenor of below 1 year will bear no penalty if they are remained with the bank for at least 7 days. The remaining deposits of all other tenors will attract a penalty as mentioned above. However, this penalty is not applicable to SBI staff and SBI pensioners. No interest is paid if the deposit is retained with the bank for a period of less than 7 days.


Join the Discussion

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>