The State Bank of India (SBI), on Wednesday, implemented its revised interest rates on retail fixed deposits (FDs) for the customers. SBI - the country's largest bank by assets - currently offers eight maturity options for fixed deposits up to Rs 2 crore. SBI offers these fixed deposits in eight maturity options ranging from seven days to 10 years, and pays higher returns rates to senior citizen depositors. According to lender's corporate website, sbi.co.in, SBI pays interest at the rates of 2.90-5.40 per cent to the general public and 3.40-6.20 per cent to senior citizens on fixed deposits up to Rs 2 crore with effect from May 27, 2020.
SBI's Revised Fixed Deposit Interest Rates And Maturity Options
With effect from May 27, SBI provides the following interest rates on fixed deposits up to Rs 2 crore:
|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||3.3%||2.9%||3.8%||3.4%|
|46 days to 179 days||4.3%||3.9%||4.8%||4.4%|
|180 days to 210 days||4.8%||4.4%||5.3%||4.9%|
|211 days to less than 1 year||4.8%||4.4%||5.3%||4.9%|
|1 year to less than 2 year||5.5%||5.1%||6%||5.6%|
|2 years to less than 3 years||5.5%||5.1%||6%||5.6%|
|3 years to less than 5 years||5.7%||5.3%||6.2%||5.8%|
|5 years and up to 10 years||5.7%||5.4%||6.5%||6.2%|
SBI Fixed Deposit Interest Rates For Senior Citizens
On fixed deposits up to Rs 2 crore, SBI pays a 50-basis-point (0.5 percentage point) higher return to senior citizens compared to other customers.
SBI Fixed Deposit Investment Limit
While there is no upper limit to the amount, the bank has mandated a minimum investment of Rs 1,000 for parking funds in its retail fixed deposits.
SBI offers both monthly and quarterly interval options for crediting the interest in retail fixed deposit accounts. However, the payment of interest on a monthly basis is made at a discounted rate, according to the SBI website.
SBI revises interest rates applicable to fixed deposits from time to time. The interest is paid at the contracted rate irrespective of any change in the rates.