State Bank of Travancore is an Associate of the State Bank of India with a widespread network of 777 branches in Kerala alone.
It also has over 1036 branches in more than 16 states of India.
Established as Travancore Bank Ltd. in 1945, State Bank of Travancore was made a member of the State Bank Group by the SBI Subsidiary Banks Acts 1959, under a special statute of the Parliament of India.
State Bank of Travancore offers fixed deposits in the range 30 days to 45 days at the rate of 5.75% p.a., on which added 1.25% for the period 46 days to 90 days to 7.00%.
Deposits with terms in the range of 91 days to 180 days are offered an interest rate of 7.25% p.a.
Fixed deposits of tenures ranging between 181 days to 364 days are offered at an interest rate of 7% p.a.
State Bank of Travancore offers a rate of interest of 7.25% to 7.5% p.a. to fixed deposits with tenures in the range of 1 year to 5 years. The highest rate of interest offer is for tenure 2 Years to less than 3 Years and is 7.5%.
Tenures ranging between 5 years to 10 years are offered interest at the rate of 7% p.a.
Senior Citizens are offered a fixed deposit rate of an additional 0.40% p.a. on the rack rates for deposit terms ranging from 1 year to 10 years.
The nationalised State Bank of Travancore has lopped off a few figures from its interest rates both on deposits as well as loans following the directive of the Reserve Bank of India post the repo rate reduction. While loans have become more lucrative and savings accounts have stayed more or less consistent on the interest rates scenario, fixed deposits have faced cuts throughout the last quarter. The rates offered on fixed deposits from State Bank of Travancore are now on the mediocre level compared with most operational banks.
As of November 2015, the lowest interest rate available in fixed deposits with State Bank of Travancore is 5.50% per annum. This interest rate is applicable for deposit tenures of 7 days to 14 days and for 15 days to 45 days, the interest rate jumps up a fractional notch of 0.25% to 5.75% per annum. From 46 days to 90 days, deposits earn a substantially increased rate of 7% per annum and the same rates are applicable for tenures of 181 days to 364 days. From 91 days to 180 days though, the interest rate offered is 7.25% per annum. All the rates for deposit tenures within 364 days have no additional interest for senior citizens. Deposits that are made for periods ranging from 1 year to less than 2 years earn an interest rate of 7.25% per annum and for senior citizens it is 7.65% per annum. From 2 years to less than 3 years the interest rate for the general public is 7.50% per annum with an additional 0.40% per annum for senior citizens. This is the maximum interest rate offered by the bank. From 3 years to 5 years, general interest rate slips down 0.25% to 7.25% per annum but retains an additional interest of 0.40% for senior citizens. Interest rates of 7.00% and 7.40% per annum are applicable for the general public and senior citizens respectively for deposit tenures of more than 5 years.
11th November, 2015
With some of the best interest rates on all of its offerings, State Bank of Travancore has made changes to its fixed deposit rates yet again. While the rates on loans have been lessened due to the directive of the Reserve Bank of India, the bank has been forced to consider and subsequently reduce rates offered on its deposits too.
As of the beginning of November, 2015, the lowest applicable rate from the bank is at 5.5% per annum for deposit periods ranging from a week to 14 days. The second time slab of 15 days to 45 days gets an interest rate of 5.75% per annum. Higher up the brackets of deposit, the maximum available interest rate is capped at 7.5% per annum (deposits ranging from 2 years to less than 3 years), while other brackets have interest rates fluctuating between 7 and 7.25% per annum. Additional rate of interest is provided to senior citizens if the deposits are made for durations of 1 year or more.
3rd November, 2015