State Bank of India (SBI) is fortune 500 company, an Indian multinational, public sector banking and financial services company. State Bank is government of India owned entity headquarters in Mumbai, Maharashtra.
After merging with other five associates bank on 01.04.2017 i.e. State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore and Bharatiya Mahila Bank with itself.
After merger State Bank of India (SBI) enters the league of top 50 global banks with a balance sheet size of ₹41 trillion, 277,000 employees, 500 million customers, and more than 22,500 branches and 58,000 ATMs. It has 198 offices in 37 countries; 301 correspondents in 72 countries.
The company is ranked 232nd on the Fortune Global 500 list of the world’s biggest corporations as of 2016.
Fixed Deposit Rate of State Bank of India (SBI)
(All figures in % per annum) : Click here for SBI Website
|Tenors||Existing Rates for Public w.e.f. 12.05.2020||Revised Rates For Public w.e.f. 27.05.2020||Existing Rates for Senior Citizens w.e.f. 12.05.2020||Revised Rates for Senior Citizens w.e.f. 27.05.2020|
|7 days to 45 days||3.30||2.90||3.80||3.40|
|46 days to 179 days||4.30||3.90||4.80||4.40|
|180 days to 210 days||4.80||4.40||5.30||4.90|
|211 days to less than 1 year||4.80||4.40||5.30||4.90|
|1 year to less than 2 year||5.50||5.10||6.00||5.60|
|2 years to less than 3 years||5.50||5.10||6.00||5.60|
|3 years to less than 5 years||5.70||5.30||6.20||5.80|
|5 years and up to 10 years||5.70||5.40||6.50||6.20|
The interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate. The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50% 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%) and resident Indian Senior Citizens (0.50%).
Salient features of the Fixed Deposit of SBI are:
- Minimum deposit Rs.1000/-
- Deposits accepted for periods ranging from 15 days to 120 months.
- Option available for receiving monthly interest at discounted rates or quarterly interest.
- Premature withdrawal of deposit is permitted any time subject to payment of prescribed penalty.
- Loans available upto a maximum of 95% of the deposit amount depending on the length of the unexpired period of the deposit.
- Senior Citizens & Staff will be eligible for additional Rate of interest as per applicable norms.
- Nomination facility available.
- The rates of interest on deposits are as fixed by the Bank from time to time.
About State Bank of India Fixed Deposit
State Bank is offering a series of interest earning fixed deposit schemes. Customer can customized the fixed deposit schemes through various mean, tenure etc. They are collecting as low as Rs 1000 as minimum amount for fixing money for set of maturity time interval. SBI fixed deposit scheme allows flexible payout options.
Loan on Fixed Deposit of State Bank of India
State bank providing Loan on Deposits (LD) or Overdraft on Deposit (ODD) up to 95% of the deposit amount depends on the maturity time frame.Nomination facility are available under the State Bank of India fixed deposit scheme.
Interest Rate on LD & ODD against Fixed Deposit : 2% Over and above the Fixed Deposit prevailing rate.
State Bank Medium and Long Term Fixed Deposit Interest Rates
SBI offering Fixed deposit accounts with tenures in the range of 1 year to 10 years. There are various interest rate offered as per table for various time duration.
Tenures of exactly 5 years are given interest at the rate of 6.50% as well. Tenures ranging from 5 years to 10 years are offered an interest rate of 6.5% p.a.
State Bank Fixed Deposit Senior Citizen Interest Rate
Senior citizens are offered an additional 0.50% over the prevalent card rate for fixed deposit account tenures in the range of 1 year to 10 years. No senior citizen benefit are given on the Fixed deposit with tenure less than a year.
SBI Fixed Deposit Interest Calculator