State Bank Of India Fixed Deposit Rates

State Bank Of India Fixed Deposit Rates 

State Bank of India now offers 6.75% interest on one-year fixed deposits compared to 6.9% earlier.

State Bank of India (SBI) has revised its fixed deposit (FD) rates with effect from July 1, 2017 for retail domestic term deposits (fixed deposits below Rs. 1 crore). SBI, which accounts for more than a fifth of India’s banking assets, now offers 6.75 per cent interest on one-year fixed deposits compared to 6.9 per cent earlier. Similarly, on fixed deposits with maturity between 1-year and 455 days the rate has been cut to 6.5 per cent from 6.9 per cent earlier. Here are the details of interest rates offered by SBI on fixed deposits ( below Rs. 1 crore) of various tenures:

The interest rate payable to SBI Staff and pensioners will be 1 per cent above the applicable rate, according to the website. The rate applicable to all senior citizens and SBI pensioners of age 60 years and above will be 0.50 per cent above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian senior citizen pensioners will get both the benefits of Staff (1 per cent) and resident Indian senior citizens (0.50 per cent).

The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. The interest rates on "SBI Tax Savings Scheme 2006 (SBITSS)" retail deposits and NRO deposits shall be aligned as per the proposed rates for domestic retail term deposits. NRO stands for Non-Resident Ordinary account. It refers to the savings or fixed deposit account of a non-resident Indian in a bank in India.

However, NRO deposits of SBI staff are not eligible for additional 1 per cent interest otherwise applicable to staff domestic retail deposits. These rates of interest shall also be made applicable to domestic term deposits from cooperative banks.

Source:NDTV