SBI Pays These Returns On Retail Fixed Deposits

SBI FD Interest Rate: With effect from January 10, 2020, SBI pays interest rates to the tune of 4.5-6.6% to its customers on fixed deposits up to Rs 2 crore.

SBI Pays These Returns On Retail Fixed Deposits

SBI Fixed Deposit: SBI offers eight maturity options for FDs ranging from seven days to 10 years

State Bank of India (SBI) pays interest rates to the tune of 4.5-6.6 per cent to customers on retail fixed deposits (FDs). 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 4.5-6.1 per cent to the general public and 5-6.6 per cent to senior citizens on fixed deposits up to Rs 2 crore with effect from January 10, 2020. (Also Read: Compare Bank FD Rates Paid By Peers Here)

From interest rates to lock-in period, here's all you need to know about SBI's fixed deposits (FDs):

Interest Rates And Maturity Options

With effect from January 10, SBI provides the following interest rates on fixed deposits up to Rs 2 crore:

Maturity PeriodInterest Rate With Effect From January 10, 2020
PublicSenior Citizen
7 days to 45 days4.50%5%
46 days to 179 days5.50%6%
180 days to 210 days5.80%6.30%
211 days to less than 1 year5.80%6.30%
1 year to less than 2 year6.10%6.60%
2 years to less than 3 years6.10%6.60%
3 years to less than 5 years6.10%6.60%
5 years and up to 10 years6.10%6.60%
(Source: sbi.co.in)

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. 

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. 

Change In Interest Rates

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.

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