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.
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.
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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
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.
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.
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.
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
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.
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.
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.
Sir ,
RBI say’s that rate of interest on FD’s will be increased from when on wards
They have already raised the rate a few days ago, and have indicated that they will continue to raise the rates in the next few months. That’s not to say that it will happen 100% but they might increase it by 0.25% in another quarter or so.
Hello,
Can i get the interest rates on Fixed Deposits as on 01-Apr-2009 & 01-Apr-2010?
No, sorry don’t have that.
interested to know abt fixed deposits from apr 11
The above rates are still applicable.
Can I get the rate of interest on a Fixed deposit of Rs.one (1) crore on date, please. The rate is for below one crore and above one crore and not for exactly one crore. Thanks.
I haven’t seen any bank describing a rate specifically for a crore, so I’m not sure what that is though I doubt anyone does the FD for a crore at a lower rate bracket given to the more than a crore number.
dear manshu sir
can you do research on historical inflation and bank interest rates ( suppose of sbi) dating back from 1947 or whatever data you can collect. sir, it will give us clear picture of personal financial planning, deciding on term insurance amount etc….sir, please do the research and share with us…specifically i have these questions..
1) what is long term ( 40-50 years , for insurance 25-30 years) average inflation in india.
2) what is long term domestic deposit rate in sbi..
3) whether there is inter-dependance between two.
from the historical data and table, we can clearly tell that if one people invest in purly bank fd, whether his/her retirement need gets fulfilled or not…or
whether investment in bank was able to beat inflation historically ????
Hi Ujjwal – that’s a great idea and thank you very much for the suggestion. I do however think that data on such long timelines is not available (at least I don’t know how to get to it).
Even if it were existent it wouldn’t be indicative of how the next 25 or 30 years are going to look like because the India of today is much much different from the India in the last century.
To your point – I don’t think it will be enough for most people to just rely on bank fixed deposits as their savings because the real rate of interest has been negative a lot of times in the past few years or has been quite less at other times. People will need to get into equities in my opinion since that’s the only way to take advantage of the growth story, and also build a comfortable nest egg.
dear sir
what i mean that suppose anybody wants to save some money for marriage of his daughter. suppose, for the minimum amount required for the ceremony is 5 lakhs…and he do not want to take any risk on this amount…( suppose marriage is 25-30 years later, anything can happen in equity )….
with this background, the question i am trying to get answer is…historically ( although you are right future may not be like the past ) but i like to check the fact that suppose someone have deposited 4 lacs rupees in sbi in 1970….and always have taken deposited in 5 years period….what will be his worth of money in 2011…whether it will able to beat inflation ??
i am trying to find the answer…
i have got the historical inflation data..
but historical bank interest data i am not able to collect…
Dear Ujjwal – I don’t have access to SBI interest rates from 1970, and I don’t know of a way to get them either. However, if you think about the interest rate scenario in the past few years you can easily see that the real rate of return (interest rate adjust for inflation) after taxes paid has been lower than the inflation.
I can understand that you’re trying to protect your capital since this is for a very important event in your life, but I’m afraid I don’t think just sticking to FDs may not help you in your goal.
dear manshu
just read comment number 15 of this link
http://www.tflindia.in/2011/02/debt-return.html
Hemant Beniwal is telling he have done this research already and what he have found out that
in last 30 years average interest rate was 9.35% & inflation well above 7%…..but i could not locate the original article…
Thanks – I’ll send him a note and ask him where the research is.
which bank provides hi intrest rate in fd deposit ,for non senior citizen aged up to 29-50 years?
for 1-2 years period Lakshmi bilas bank—10.1 %…for more than 5 years term State Bank of B & J…9.75 %…and for 555 days tamiland mercentile bank…10.25 % …
Thanks Ujjwal.
My father (70 years old) wants to invest money in MIS scheme for secure his future. Pl. advise where should he invests. Bank or post office ? If the answer is bank, which bank will be preferrable ?
bank will be better now..as it is giving more interest rate than post-offices…go for united bank of india (UBI) it is giving 10 % interst rate for senior citizen…for 10 years term….highest for any decent psu bank…you can try canara bank also…
Thanks for the response Ujjwal – that would be my thought also to go with a good bank that pays a high rate instead of going for post office.
Ujjwal, Thanks for your reply. Kanara bank is offering 10.5% interest for senior citizen (8 – 10 years term deposit).
if i invest 30000 how much interest paid in p/m
rs 200 per month @ 8 %
rs 225 per mothb @ 9 %
rs 250 per month @ 10 %
Hi
Can i invest Rs,10000 on Domestic Term Deposits for 7 to 14 days every month to get 4 % interest ?
So the amount of interest will be Rs, 400 every week.
It will be paid after every 7 days ??
Please anyone tell me.
No, interest rate is annualized, so that means they will pay you interest rate at 4% for the whole year not the 7 days
PLS ADVICE ME SBT GOLD PURCHASE SCHEME. INTEREST RATE AND PROCEDURES.I LIKE TO PURCHASE GOLD FROM ERANAKULAM DIST.
Hi Manshu,
A quick query which might sound a little dumb to finance wizards like you.I have an NRI account with SBI which says the interest rate is 4%P.A.
My question is ,if I have many transactions in a year,what amount is calculated as the deposit?Is it the lowest in any month,or average of all months?Also which is the date and month that they use to calculate interest?If I knew this I’d make sure I’ll have enough money during that period.
Thank you for the advice.
Interest rates on savings account was calculated based on the lowest amount between a certain window, but that was changed and interest is now calculated on a daily basis.
You can read my old post on this here:
http://www.onemint.com/2010/02/24/some-good-news-for-savers/
Highest rate if interest on T D or F D for 1 or 2 years term.
Hi Manshu,
I open Saving Account with SBI in 2005. I’m a Student so due to scholarship I open SBI Account.
Now I don’t get scholarship anymore but I still have some money in my account which I don’t use, so do I get interest yearly even with the amount that I saved in my account?
Katie.
Hi Katie,
I answered your comment at another place just now, thanks!
My SBI savings Bank account is at Berhampur,Orissa.Now a days I reside at Bangalore. I want to convert certain amount in fixed deposit scheme.Inform procedure.
Check with the bank please, I’m not familiar with how one can do this.
Hi Manshu,
I open Saving Account with SBI in 2005. I’m a Student so due to scholarship I open SBI Account.
Now I don’t get scholarship anymore but I still have some money in my account which I don’t use, so do I get interest yearly even with the amount that I saved in my account?
Katie.
Yes Katie, you should get interest at 4% on your savings account. Check your statements to see if that’s being credited or not. If not, check with them why not, and if needed move the money to another bank.
Hi Manshu,
.
Thank you so much for your responds.
I open the account in 2005 and was in India for 2 years and left for my Country(Canada). And when I came back in 2009 end, I come to know that the International Scholarship Pro gramme still send the scholarship to my account!!!
There is a huge money which I din’t touch for years, I thought there might be difference in Interest % from my Country to India so I brows internet for answers and got your website.
Anyway August will be my last month here so I’ll withdraw or transfer all the money and close my account and go back to my Country.
If you have any suggestion for transferring of money, that will be helpful.
Thanks alot.
Katie.
I’ve no idea how much money can you take legally between Canada and India, but I do know that you can take about $10,000 USD to USA without having to declare it. You can check what the limit is for Canada, but I’m afraid I don’t have any input on that.
Respected sir
I invest Rs. 300000 for MIS plan in Sbi with 5 years and i get Rs.1863 in 25/9/2010 but i have a problem so i withdraw total amount, so what percent (%) i lose there. waiting for your vallueable response.
regards
Rudradip Acharjee
email: rudradip3@gmail.com
I’m sorry Rudradip, I don’t understand your question. Probably be better to ask from the person you’re dealing with at the bank.
Dear sir,
I am a research scholar and getting scholarship of Rs 18,000 every month. I’m planning to invest Rs 15,000 every month for oneyear in SBI Recurring Deposit account. What will be the interest rates? and is it a wise decision? Please reply
Dear Sunil,
The rate of interest for term deposit and RD are the same, so based on your tenure you will get the interest paid. This is a good thing to do, as it will help you earn interest on money that will otherwise just be lying around. You can also explore investing in a mutual fund (with part of this amount) if you don’t think you will need the money for the next few years, and are comfortable with the risk.
Thankyou verymuch for your suggestion
Suppose if I open an RD account for one year by depositing Rs5000 every month. I want to know whether the amount which I deposit every month is fixed or can I deposit some additional amount along with Rs 5000 for every month if I have some money in spare.
Yeah, I think they should have a way for you to do it Sunil, please check with them when you’re opening the RD.
Hai
My name is Kunj Bihari, I did RD in SBI for one year 500/- each month. Date- 2-8-2010 to 2-8-2011
So in finally how much amount i will get from RD?
Please give right answer
Thanks
Kunj
I HAVE OPENED A RD A/C IN SBI ON 2/8/2010, FOR 12 MONTHS WITH MONTHLY DEPOSITS OF Rs.500, Please let me know the maturity value along with calculation chart
will s.b.i increase the rate of interest on deposit after increasing the repo &revers repo rate by r.b.i.
Hi Manshu,
I have a fixed deposit (fd) of 50,ooo which i did 5 years back…now on maturity i’m suppose to get 72,950 approx. which is written on the fd certificate…but the bank person told me that I should get 70,000 as it comes under tax. I ddnt understand that exactly why that 2,500 approx is deducted…could u please tell me and how to calculate that deduction and where i will get the info…if u have a link please send me that too..
Ranjan
Hi Ranjan,
FD interest is supposed to be added to your income, and then taxed according to your income slab.
I’m afraid I don’t know at what rate they deducted it for you, but if it is more than the tax slab that you are in then you should seek clarification with them.
I want nationalised banks fixed deposist interest rates for last 20 years pls send my id
Not possible, don’t have it.
i want to fixed deposit 200000 for 6months in SBI ,how much will i get(the interest) after 6 months
Hi I would like to know how much interest rate is paid by SBI on Recurring deposits! I tried a lot to find the information but am totally confused!! Please help!
I’m sorry I’m not aware of those. You will need to contact the branch, usually they are bit lower than the special interest rates they give for the same time frame in fixed deposits.
Hi, is it possible for a uk resident to access these higher rates of interest on one’s saving,s and ifso how and who with, cheer’s.
I don’t think foreigners can open a fixed deposit in Indian banks. Sorry Trev.
Dear Sir
When SBI or any other bank cut interest from savings bank account? What is it for fixed deposit? Please write me what is the rate of interest on Recurring Deposit in SBI? Is the rate of interest compounded half-yearly for all banks? Please answer this questions. Thanks.
I’m sorry I tried to look for that info some time ago, but didn’t find it. You will need to go to the branch to check that out.
Hi Palas
Normally the rate of interest on RD is the same as for FD of similar period. Normally compounded quarterly for RD of 1yr or more duration
Umesh
Hi
I hope that the readers of onemint will find following links useful
A. Get the Highest FD Interest Rates
1. For Fixed Deposits
2. Tax Savings Fixed Deposits
3. NRI Fixed Deposits
http://www.ratekhoj.com/fixed-deposits/index.php
A (a) Fixed Deposit Rates
You can get FD rates based on institution types like banks (Public Sector / Nationalized Banks, Indian Private Sector Banks, Foreign Banks, Cooperative Banks, Post Office Savings Schemes, Companies etc.). You can get interest rates selecting as per deposit period range or you can select specific deposit period for your fixed deposit. You can also search for senior citizen and non senior rates as well. Many banks pay different rates of interest for large deposits, you can select this criteria as well.
The search is broadly categorized in 4 types:
1. FD rates based on institution type/deposit period range
2. FD rates based on institution type/specific deposit period
3. FD rates in selected institutions/deposit period range
4. FD rates in selected institutions/deposit period range
You then fill your search criteria and the resulting table can runs into hundreds of pages. In many cases you have to narrow your search or you have to be specific in your search so that the table may not run in many pages.
You can sort this table as per you choice as per alphabetical list of institutions, period of deposit and rate of interest (highest to lowest) by clicking on the first row of the table.
http://www.ratekhoj.com/fixed-deposits/fixed-deposit-rates/index.php
B. Calculators
Fixed Deposit Interest Calculator – Calculate how much interest payments you can get based on your fixed deposit amount, interest rate and interest payment period.
FD Maturity Calculator – Calculate the maturity amount and effective yield (compound interest rate) of your fixed deposit based on your deposit amount, interest rate and duration
http://www.ratekhoj.com/calculators.php
C. Find Bank IFSC Codes, MICR Codes, Postal Addresses
http://www.ratekhoj.com/banks/index.php
D. Gold Coin Prices Offered by different banks
http://www.ratekhoj.com/goldprice/index.php
Umesh
Dear sir,
when i fixed deposit rs:25000/ in sbi bank in how many intrest in 1 year.
Hi,
This is Ashwini from bangalore, i want to save Rs5000 – Rs10000 every month? what would you suggest me sir? whats the best option to save money and what is the procedure to save money?kindly let me know sir.
Regards,
Ashwini
9845848689.
Hi,
I want to open an RD in my existing bank account.is that beneficial and by doing so,should i need to pay the tax if it exceed 1 lakh?
I’m not sure what you mean by beneficial – yes you will get a higher interest than a savings account if that’s what you mean, but it will be lower than your fixed deposits rate.
Also, interest is taxable if your income exceeds the tax slab limit.
hi
how much interest for one lakh
how i can get intimetion my account detail in my moblie no.
sir, i have saving 5000- 7000/- per month from my salary what i can do for get better return in 1-2 years.
Please suggest me as soon as possible.
fixed deposit in a bank is safe and good esp. this high rate environments.
F D RATES ON 28-10-2011
Sorry, don’t have it.
sir
i want to know that the procedure of recurring deposit in state bank of india. kindly send me information also about rate of interest for 10 years recurring deposit.
Sir,
How can we save the amount in bank from tax deductions. is the tax calculated on the savings accounts and fixed deposits.
You can fill up a Form 15H or Form 15G based on if you are a senior citizen or not and if in fact you are eligible for it.
I AM HAVING RS.2 LAC SURPLUS IN MY SB ACCOUNT WHERE I HAVE TO INVEST FOR SHORT TIME
You need to go to a SBI ban branch to open an account Subhash, this is like a news website and leaving a comment here won’t help you at all.
Sir
I reuest to you pse give me in detail what is the intrest rate of RD for the amount Rs 10,000 per month for the term of RD is 5 Years.
You will have to go to the bank to get that.
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