The State Bank of Bikaner and Jaipur (SBBJ) is a public-sector company with operations throughout the country. SBBJ provides fixed deposits to all customers satisfying a minimum criteria. The fixed deposits are available for varying tenors ranging from 7 days (short term) up to 10 years (long term).
The rate of interest for various tenors are dynamic and changes regularly according to market rates as well as internal policies. It is a difficult task to track all changes to the interest rates, as each product will have its own dynamic rates. The table given above is updated regularly to reflect changes in interest rates of SBBJ.
The updated list of State Bank of Bikaner and Jaipur FD Rates, for Regular and Senior Citizen, is below:
|Tenure||Regular FD Rates||Senior Citizen FD Rates|
|Upto Amount||Rs. 1 Crore||Rs. 1 Crore|
|7 days to 45 days||5.50%||6.00|
|46 days to 179 days||6.50%||7.00|
|180 days to 210 days||6.50%||7.00|
|211 days to 364 days||6.50%||7.00|
|1 year to 455 days||6.90%||7.40|
|456 days to 1 year 364 days||6.75%||7.25|
|2 years to 2 years 364 days||6.75%||7.25|
|3 years to 4 years 364 days||6.50%||7.00|
|5 years to 10 years||6.50%||7.00|
The bank offers interest rates between 5.50% and 7.50% for deposits of less than 1 year tenor.
The highest interest rate of 7.50% is provided for tenors between 180 days and 364 days (6 months up to a year). Rates start from 5.50% for shortest slab of 7 days to 45 days, which increases by 1.25% to 6.75% for 45 days to 90 days tenor. 91 days to 179 days tenor FDs are also a good choice as a medium term product with 7% interest rate, compounded annually.
A high interest rate of 8.50% is applicable on FDs of tenors between 1 and 5 years. It is once again a compounded rate with effective yield at the end of tenor quite higher than the 8.50% quoted in the product.
Senior citizens are provided special interest rates for deposits up to Rs 1 crore. The special rates are applicable on all deposit tenors not less than 1 year. 0.25% additional interest is provided to such customers as compared to non-senior applicants.
Post the repo rate cut by the Reserve Bank of India (RBI), rates for term deposits across banks in India have seen deductions. Though there has been a sizable reduction in loans, fixed deposits have witnessed further cuts. SBBJ has changed its rates on fixed deposit for only a few of its deposit tenures for amounts from INR 10,000 to INR 10 crore, for regular deposits and senior citizens deposits.
The revised interest rates for fixed deposits for the terms 1 year and 1 year and up to less than 3 years for public, senior citizens, staff, and ex staff are 7.75%, 8.25%, 8.75%, and 9.25% per annum respectively. The rates have also be revised for NRO and NRE deposits and are at 7.75% per annum.
17th February 2016