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
Yes, there is a provision with effect from 1st April, for NRO deposits the tax would be only 12.5% instead of 30.9% on interest received.
I was informed by HSBC that if I deposit in NRO term deposit after 1st April 2011, there will be reduction in tax. Is it true? If so, what about deposit started in March 2011?
Sorry, I’m not aware of any such rule, but that must be just because there is some provision that I’m not familiar with.
Is there any chance to increase the intrest rates on fix deposits????
Yes, RBI has indicated that, but it’s difficult for me to say when and by how much.
If i invest Rs. 100000/- in savings bank a/c How much amount will i get after one year? Please reply soon.
1 year is 8.25% so based on whether you opt for getting interest paid quarterly, annually, or semi annually, and whether you are going to get TDS deducted on that you can calculate how much you will get.
Do not keep one lac Rs in Saving Bank account. You may have FD for one year and get 9.25% interest.
HI Nikhath,
saving in a savings bank account is not a gud purpose although you will get the 3.5% of your amount which would be the total of 3500 to get better result from saving u need to save the amount in Fixed deposite or Mutual funds or Any good post office scheme.
Thanks
Hi I am getting 25 lac from sale of property. How can i avoid capital gain tax.
Pls suggest.
Please leave this comment on the forum Sam – someone who knows about this might answer your question there. This is a post about SBI interest rates, and not likely that you get a response here.
kindly let me know if I put Rs.7000 in fix deposit how much amount I get in 1 year?
New one year interest for 1 year is 8.25% in SBI so based on how you decide to get your interest paid, and TDS you will get the sum.
Dear Sir
I learn that interest for Sr.citizen for deposits more 8 years attracts 10.5%. Is is true. if so whether it is compounded monthly or paid out periodically. Difference officers give different view in this regard
I know of Axis, IDBI & Tamil Nadu Mercantile Bank giving 10% to senior citizens, and that too for lower tenures not 8 years. I do not know of a bank offering 10.5% for 8 years to senior citizens.
Canara Bank is offering 10.5% to Senior Citizens.
Link – http://www.canarabank.com/English/Scripts/DepositAccounts.aspx
Hey thanks a lot Rahul – I wasn’t aware of this at all. Thanks for answering this question!!!
Thanks u very much for confirming interest of 10.5% by Canara Bank. This is simple interest per Annam paid out. If you opt interest receipt they will apply discount rate of interest based on period you opt e.g. monthly, quarterly, half early, etc. Be sure before you invest. The tragic is even the concerned officers do not give correct details since every thing is computerised. They are least bothered who it is worked
Thanks a lot for providing the link. The interest is compounded annually. There is discount rate depending upon pay out of interest on monthly, quarterly, half yaerly etc.,
thanks once again
For 8 yrs deposit for sr. citizens canara bank offers 9.5% and for 1 to 3 yrs its 9.75%
The interest rate for Sr.citizen in SBI for deposits more than 1 year and up to 10 years is 9.75% only. Axis bank offers 10.25% to Sr.citizens for 12-13 months.
Mr. Manshu,
Do you know that SBI gives less monthly interest (0.77%less ) on fixed deposits calculated with following formula:-
Monthly Int.= Deposit Amount x Rate of Interest (e.g. 9)/1209
instesd of
Monthly Int.= Deposit Amount x Rate of Interest(eg. 9)/1200
Will you please comment on this as I am experiencing this personally?
– Krishna
No, I wasn’t aware of this. I will check it out in the future.
No I don’t think as such. Are you talking about Re-Investment Plans from SBI?
Is there some site that can give me historical details fixed deposit rates in India for the past 25 years. I am doing some analysis
is there any tax one has to pay for the fix deposit of one lac rupees in SBI for the 555 days scheme??
Yes, interest will be paid after TDS.
I want Term Diposite rate in SBI for the month of 1st June 2010 to 16 th July 2010.
Thanks
I opened a saving account at SBI Mokama(Bihar). I want to fixed the amount for more than one year in domestic term deposit . Presently, I am serving at Kolkata. Please intimate how can fix the amount at SBI from this place.
I think you will have to go to a SBI branch there, and do a FD there, and see if you can operate it online.
What is the present interest rate of Senior Citizen Scheme please?
Rates are the same as shown in table 3 above – those are current.
HELLO,
I wanted to know that if i deposit as the amount of 128000 (one lakh twentyeight thousand) for the period of two years so how much rate of interest i wil get on fixed deposit per month and after two what would be the final amount i wil get.
please reply
You can get an interest rate of 9% for a FD of 1000 days. so that’s a good option for you. I don’t know that they do pay out interest monthly so can’t say about that.
I WANT TO INVEST 01 LAKH RS . IN SBI SO PLEASE INTIMATE INTRESTS A SHORT PERIOD .
Just go through the table on this page and see which period interests you. There is nothing in addition to that which I can tell you about.
will the new fd interest would be applicabe on old existing fd. kindly reply it plz.
No, they won’t be. Only new FDs or renewed FDs will get the increased rates.
Dear sir,
i have deposited an amount of Rs. 100000/-in sbi on dated 01/11/2010 with fixed deposite for 555 days as 7.50%. They pay me quarterly intrest on my sbi saving account. but, now a days the intrest rates has been increased with 8.50%. so, should i broke my FD and re-invest with 8.50% rate ? if yes then how much charge will be deducted from my credited amount against the FD ? Plz Reply me soon….
You will have to check with them Satish. Although my initial feeling is that it won’t be worth it because 1% will be about 1,000 rupees additional interest, and then there would be some TDS on that as well. So please check with the bank to see how much penalty there is, and take a decision accordingly.
Thank you very much sir,
What were FDR rates before 1 year (at 19.12.2009) for 12 months of SBI, can you provide me please?
I don’t have that Jiggar, and don’t know of a way to get them also, someone else was also looking for older rates at a particular date but I couldn’t find them. I’m just curious to know why you need those rates?
What is the method of payment of interest for the DOMESTIC TERM DEPOSITS, is it maid Monthly/Quarterly or after Maturity?
You can get it paid automatically to your savings account, and you typically get some options that you can select from in terms of how frequently you want to be paid interest.
Does that means that I can invest in SBI Domestic Term Deposits and get monthly interest returns like that of MIS (Monthly Income Scheme) or the MIS Schemes of SBI are different from that of Domestic Term Deposit with different Interest Rates???
Abhijit I am not sure about the details, so I can’t say with certainty though I do think it is possible to get monthly interest. Your best bet is to check with SBI directly.
Manshu Thanks for the reply. I’l check that with SBI and post it here so that others with the same question can get help.
Oh wow – only a handful of people ever bother to do that – much appreciated Abhijit – thank you.
Want to go for a property land loan from SBI.
I’ve S/B acct in SBI Jayanagar II Block branch.
Kindly let me know the coresspondance to contact.
I think you will need to go to the bank branch and talk to them in person.