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 | Â 9.00 | Â 8.50 | Â 9.00 | Â 8.50 |
3 years to less than 5 years | Â 9.00 | Â 8.50 | Â 9.00 | Â 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
