Interest Rate for SBI Term Deposits from July 2011
With effect from July 11, 2011, State Bank of India (SBI) has announced new and revised interest rates for the domestic term deposits and the NRO deposits for the new accounts opened from July 11. These rates announced are for Rs. 1 crore and below only and for the rates for Rs. 1 crore and above contact your nearest SBI Bank branch. This new fixed deposit rate does not apply for the already existing or already opened FD accounts but only for the new ones opened from today. The fixed deposit rates will also change from every now and then, do get updated on the same regularly to get the maximum benefit out of your Fixed Deposits (FDs).
Interest Rate for 1 Crore and Below
7 days to 90 days – 7%
91 days to 179 days – 7.25%
180 days to 240 days – 6.50%
241 days to less than 1 year – 7.75%
1 year and up to 10 years – 9.25%
For Senior Citizens
7 days to 90 days – 7%
91 days to 179 days – 7.25%
180 days to 240 days – 6.50%
241 days to less than 1 year – 7.75%
1 year and up to 10 years – 9.75%
The annualized yield for the above rates will vary accordingly per year. There is no premature withdrawal penalty for the 7 days to 90 days deposits while there is a 0.5% penalty for premature withdrawal for all other deposits durations mentioned above.
Difference
If you notice on the above mentioned rates, SBI has fixed up a more common interest rate for their fixed deposits for 1 year to 10 years which is a difference from their previous rates where there were more attractive interest rates mentioned in between those period like 555 days, 1000 days, etc. and now all comes under the common rate of 9.25% p.a. (9.75% for senior citizens).
The SBI loan rates has been fixed at a base rate of 9.5% p.a. The benchmark prime lending rate (BPLR) is 14.25% p.a.
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Comments
Sir,
I wish to draw your kind attention to the fact that I want to know the rates in different schemes like FD, TDR, and others if any opened in the recent time.
So, kindly inform me.
Sir,
I wish to draw your kind attention to the fact that I want to know the rates in different schemes like FD, TDR, and others if any opened in the recent time.
So, kindly inform me.
Oriental Bank of Commerce has increased interest rates on term deposits for more than one year to 9.75% & for Senior Citizens it is 10.25 w.e.f 09-09-2011. Is there any possibility of SBI to follow OBC in this respect.