Update: October 18 2012
I updated my bank interest rates page yesterday, and realized how many different types of interest rates there are. So, I thought I’d create this page with State Bank of India interest rates that will act as a reference for different types of interest rates as well as a ready reference – if someone is specifically interested in SBI interest rates.
1. Domestic Term Deposits: The first one in the list is interest rates for domestic term deposits below one crore rupees.
Here is the table that has those rates.
|
Tenor |
Below Rs.15 Lakhs |
Rs.15 lakhs to less than Rs. 1 Cr |
||
|
Existing Rates w.e.f. 07.08.2012 |
Revised rates w.e.f. 07.09.2012 |
Existing Rates w.e.f. 07.08.2012 |
Revised rates w.e.f. 07.09.2012 |
|
|
7 days to 90 days |
7.00 |
6.50 |
8.00 |
7.50 |
|
91 days to 179 days |
7.00 |
6.50 |
8.00 |
7.50 |
|
180 days |
7.00 |
6.50 |
8.00 |
7.50 |
|
181 days to 240 days |
7.25 |
6.50 |
8.00 |
7.50 |
|
241 days to less than 1 year |
7.50 |
6.50 |
8.00 |
7.50 |
|
1 year to less than 2 years |
9.00 |
8.50 |
9.00 |
8.50 |
|
2 years to less than 3 years |
 9.00 |
 8.50 |
 9.00 |
 8.50 |
|
3 years to less than 5 years |
 9.00 |
 8.50 |
 9.00 |
 8.50 |
|
5 years and up to 10 years |
8.50 |
8.50 |
8.50 |
8.50 |
2. Domestic Term Deposits for more than one crore rupees: If you have more than a crore to spare for a term deposit – you will get a different interest rate. Here is that table:
|
Tenor |
Rs.15 lakhs and above to less than Rs. 1 Crore |
||
|
Existing premiums w.e.f. 07.08.2012 |
Revised Premiums w.e.f. 07.09.2012 |
Effective Rate w.e.f. 07.09.2012 |
|
|
7 days to 90 days |
100 bps |
100 bps |
7.50 |
|
91 days to 179 days |
100 bps |
100 bps |
7.50 |
|
180 days |
100 bps |
100 bps |
7.50 |
|
181 days to 240 days |
75 bps |
100 bps |
7.50 |
|
241 days to less than 1 year |
50 bps |
100 bps |
7.50 |
|
1 year to less than 2 years |
– |
– |
8.50 |
|
2 years to less than 3 years |
– |
– |
8.50 |
|
3 years to less than 5 years |
– |
– |
8.50 |
|
5 years and up to 10 years |
– |
– |
8.50 |
3. Resident Indian Senior Citizens: Senior citizens get a slightly interest rate in India, but not if their deposit is more than a crore. Here is a table that shows these rates:
|
Tenor |
Below Rs.15 Lakhs |
Rs.15 lakhs to less than Rs. 1 Cr |
||
|
Existing Rates w.e.f. 07.08.2012 |
Revised rates w.e.f. 07.09.2012 |
Existing Rates w.e.f. 07.08.2012 |
Revised rates w.e.f. 07.09.2012  |
|
|
7 days to 90 days |
7.00 |
6.50 |
8.00 |
7.50 |
|
91 days to 179 days |
7.00 |
6.50 |
8.00 |
7.50 |
|
180 days |
7.00 |
6.50 |
8.00 |
7.50 |
|
181 days to 240 days |
7.25 |
6.50 |
8.00 |
7.50 |
|
241 days to less than 1 year |
7.50 |
6.50 |
8.00 |
7.50 |
|
1 year to less than 2 years |
9.50 |
9.00 |
9.50 |
9.00 |
|
2 years to less than 3 years |
9.50 |
9.00 |
9.50 |
9.00 |
|
3 years to less than 5 years |
9.50 |
9.00 |
9.50 |
9.00 |
|
5 years and up to 10 years |
9.00 |
9.00 |
9.00 |
9.00 |
4. SBI staff and pensioners: If you are a SBI employee or pensioner – you will get 1% extra on top of the regular interest rate. If you are a pensioner above 60 years old, then you will get dual benefit – 0.50% extra for senior citizens, and 1% extra for the staff.
5. Savings Bank Interest Rates: Savings account get an interest rate of 3.5%.
Let me know if I missed out anything or if you have any other questions, and also look at the fixed deposit rates in India offered by other banks.
If you are a NRI, then the NRI Interest Rates page will be more meaningful for you, and if you are looking for more information on fixed deposits, then this page lists down more resources on fixed deposits.
Click on the New Here page to see how you can make the best use of this website.
Image by nOr
I have deposited an amount of Rs. 125000/- in SBI on 23.10.2008 as term deposit. On 20 Apr 09 , an amount of Rs.5302 credited as interest. On 18 Oct 09,an amount of Rs.4621 credited as interest and on 17 Apr 10,an amount of Rs.3902 credited as interest. On my online SBI window was showing,Deposit amount as 138825/- ,maturity date as 16 Oct 2010 , maturity amount as Rs.142468 and Rate of interest as 5.25%. On 5 Oct 2010(before 11 days of maturity-on 171st day ), I have closed this account and I was paid only Rs.141264 including interest of Rs. 2,439.00. Could some one please explain whether their calculation is right or wrong?
So, looks like you were paid a little less because you withdrew early, and you’re curious to know whether they levied an extra fine or something. Is that right?
Why don’t you ask them to explain how they calculated the interest for the last period – that will clarify your answers.
In the case of premature closure of deposits banks adopt the following process – at least in India
1. The duration/tenure up to which the deposit was lying with the bank.
2. the current rate of interest applicable for the above period
3. reduce from that rate 2%
4. calculate the eligible interest amount based on the new rate
5. recover any excess interest paid out earlier – difference of amount of interest credited to your account at the old rate and the eligible interest at the new rate
6. the net impact is that, you have received lesser interest
I suggest that, henceforth if you are in need of funds, pl try and obtain a loan against the deposit with the bank. this facility is available with your deposit bank itself. the loss would be reasonable.
Hope the point is clarified to your satisfaction
Regards
Thank you very much for explaining this arjeyar – this info will come in handy for a lot of people.
Arjeyar, usually the amount reduced is roughly 0.5%. So if the rate was 7.5%, and if the FD was withdrawn prematurely, then the final amt calculated will be at 7% and not 7.5%. Reducing 2% is quite huge and I don’t think is viable.
http://www.onemint.com/2010/03/25/state-bank-of-india-interest-rates/
hello .
i want to do 5 lakh fixed deposit for 3-4 years ,but i dont know what is the interest rate per annum.
plese tell me back how much interest i will be get and rate of interest per annum at indian citizen.
[email protected]
That’s what is shown in the above table at 7.25%.
pls
send the int rate updated i.e latest for monthly income scheme .
Thanking you
Teklal mahato
please send new letest FD interest rate.
Thanks.
Give details of current interset rates on fixed deposit as on 17/08/2010.
Please suggest, either SBI or ICICI bank…. where should I deposit my money for better intrest?
I wish to invest and get back interest monthly/quarterly basis. Where should I invest with safety.
Is MIP in Reliance & HDFC Mutual fund secured. Please intimate whether any risk is there.
There is risk in this; are you looking for something that is risk – free?
ICICI offers slightly better rates, what time – frame are you looking at? Here are the two links from ICICI & SBI that you can use to compare interest rates.
http://www.icicibank.com/interest-rates.html
http://www.statebankofindia.com/user.htm
You can see a comparison of 30 banks here:
http://www.onemint.com/2010/05/19/fixed-deposits-interest-rates-in-india/
The rates might be a little dated though.
plz send me the chang of sbi interest current rates for FD.
At Indian bank for senior citigen int.rates for 3 yrs is 8.5% , where as at SBI it is 6.5%. Why so much of difference.
regard
can i know the rates of interested of 1 Crore & Above(FD)?
i have heard of state bank of india fixed deposit for 1000 days @ 10.50% per annum, is this scheme still on. reply at an earliest.
senior citizen term deposites ac have been opened but amt could not transfer into ac why ?
Don’t know why, where did you open it?
while opening a Term deposit a standing instructions was given stating that the amount on maturity, the proceeds may be paid in the shape of a DD payable at my home town where my family stays. but the bank authorities are deducting exchange charges.
I need circular interest rates charged by State Bank of India on Industrial Loan/ Cash Credit Limits
wht is sweep?
what are the prevailing interest rates offered by SBI on monthly income schemes ?
plz send me the chang of sbi interest rates
I have S/A in S.B.I. & want to transfer some spared money in TD to get back high interest rates.
But Axis Bank claim to give 7.5% /Yr interest with Qly updates will cross 8% if FD is done >30 months!
Is the offer is better TD option for in comparision to SBI Current Interest Rates?
Waiting for your reply for instant money transfer from my personal banking system.
Kavi Kumar
Harinagar
What is TD?
SBI RECENT DECLARATION:–
FCNR –FOREIGN CURRENCY NON RESIDENT
HIKE 1.92% FOR 2YR ,PREVIOUSLY IT WAS 1.84% FOR 3 YEAR
hi can you please advice me on deposit interest
These are deposit rates…do you mean other banks? You can find them at this link:
http://www.onemint.com/2009/07/03/bank-interest-rates-india/
plz send me the chang of sbi interest rates
What changes are you talking about?