SBI Fixed Deposit Rates: State Bank of India is a government-owned corporation which holds 58.6% shares and the remainder is divided amongst other shareholders. One among them is Life Insurance Corporation of India which is not a promoter for SBI but still holds 14.99% shares in the bank. It is very well known bank for its excellent services over the years in various aspects.
State Bank of India is one of the largest banks in India providing services all over the country. With over 14,000 branches spread across India, SBI has a massive domestic presence which keeps increasing as it acquires more state banks. State Bank of India also has more than 150 branches in over 30 countries and can be found in cities like Ramat Gan, Toronto, Moscow, Frankfurt, Colombo, Tehran, Hong Kong, London, Johannesburg, Los Angeles and even Sydney.
SBI offers some of the most sought after FD schemes in the country with features and interest rates that are very competitive and make for some of the best savings solutions. It is always a good option to make some extra money with the hard earned money through State bank of India fixed deposit. The money in the banks is supposed to be a safe and secure. One of the best things about SBI fixed deposit is that the user can create fixed deposit account for 7 Days to 10 Years. The new interest rates are effective from the 19th August, 2015. The updated interest rates should be made applicable to new deposits and renewals of maturing deposits. The minimum amount of Rs. 1000 is to be deposited to open the SBI FD account.
There will be Short-term Fixed Deposits, Medium term Fixed Deposits and Long term Fixed Deposits. The interest rate will be more for Long term fixed deposits. The Senior citizens will also be given more interest rates.
SBI Fixed Deposit Interest Rates Table 2015-2016:
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 0.25% above the rate payable for all tenors to resident Indian senior citizens. The SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1%) and resident Indian Senior Citizens (0.25%).
The Interest Rates Below One Crore:
State bank of India gives 5.25-6.50% interest rate for fixed deposit of 7 to 179 Days, 6.75% interest rates for fixed deposit of 180-210 Days, 7.00% interest rate for 211-1 year, 7.25-7.50 % interest Rate For 1 Year to 3 Years.
The Interest Rates Between One to 50 Crore:
State bank of India gives 4% interest rates for 7-60 days fixed deposits, 4.25-6.75% for 60 days to 1 year deposits and 6.75% interest rates for 1 year to 10 year deposits.
SBI Fixed Deposit Interest Rates for Senior Citizens:
For senior citizens interest rate is .25% higher than other on deposits.
The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits.
Official Website: www.sbi.co.in