State Bank of India (SBI) offers a variety of investment products. Fixed Deposits (FDs) or Term Deposits are one of the key products.
In case of foreclosure of the FD before maturity date, a penalty will be imposed as thus:
| Tenure | For Genral Public (% p.a.) | For Senior Citizens (% p.a.) |
|---|---|---|
| 7 days to 45 days | 4.50% | 5.00% |
| 46 days to 179 days | 5.50% | 6.00% |
| 180 days to 210 days | 5.80% | 6.30% |
| 211 days to less than 12 months | 5.80% | 6.30% |
| 12 months to less than 24 months | 6.40% | 6.75% |
| 24 months to less than 36 months | 6.25% | 6.75% |
| 36 months to less than 60 months | 6.25% | 6.75% |
| 60 months to 120 months | 6.25% | 6.75% |
Note: The interest rates mentioned in the table are effective November 10, 2019
.The minimum tenure for an SBI FD scheme is 7 days.
If your net income does not fall under taxable limit, you can request a tax exemption by submitting Form 15G/15F to the bank.
One needs to deposit a minimum of Rs.1,000 to maintain an SBI FD account.
The highest SBI FD rate is 6.85% p.a. for a tenure ranging from 5 years and 10 years.
Yes, senior citizens are eligible to get an interest rate which is 0.50% higher than the regular rate.
State Bank of India (SBI) on Monday announced it will slash interest rate on fixed deposits across all maturities effective 1 August 2019. It said that for time deposits with longer term, there is a cut of up to 20 bps (basis points) or 0.2% in the Retail segment and 35 bps or 0.35% in the Bulk segment. The country’s largest lender will now offer a rate of interest of 5% to general public and 5.5% to senior citizens on FDs of 7 to 45 days. Previously, the bank paid an interest rate of 5.75% and 6.25% to the general public and senior citizens, respectively. Fixed Deposits with tenure between 46 days to 179 days has been slashed from the existing 6.25% to 5.75% for the general public and from 6.75% to 6.25% for senior citizens. Fixed deposit interest rates are subject to revision from time to time. Last week, HDFC revised its fixed deposits interest rates in select maturities.
1 August, 2019
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