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
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
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.
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.
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.
Hi Katie,
I answered your comment at another place just now, thanks!
Highest rate if interest on T D or F D for 1 or 2 years term.
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/
PLS ADVICE ME SBT GOLD PURCHASE SCHEME. INTEREST RATE AND PROCEDURES.I LIKE TO PURCHASE GOLD FROM ERANAKULAM DIST.
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 🙂
rs 200 per month @ 8 %
rs 225 per mothb @ 9 %
rs 250 per month @ 10 %
if i invest 30000 how much interest paid in p/m
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).
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.
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.
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 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.
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.
interested to know abt fixed deposits from apr 11
The above rates are still applicable.
Hello,
Can i get the interest rates on Fixed Deposits as on 01-Apr-2009 & 01-Apr-2010?
No, sorry don’t have that.
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.