Profit

Interest Rates Of SBI: Recurring Vs Savings Vs Fixed Deposits

SBI interest rates: Customers can choose to park their savings and invest in a range of account options like recurring deposits (RD), savings deposits and fixed deposits (FD).

 Share
EMAIL
PRINT
COMMENTS
Interest Rates Of SBI: Recurring Vs Savings Vs Fixed Deposits

Interest rate offered on savings bank accounts/deposits is modest as compared to that of an RD or FD.


State Bank of India, the largest lender of the country, offers various account options to its investors to safely park their deposits in. SBI customers can choose to park their savings and invest in a range of account options like recurring deposits (RD), savings deposits and fixed deposits (FD). Recurring deposits (RDs) allow customers to deposit a fixed amount of money every month on a  pre-determined interest rate until a fixed period of time. RDs allow people to not only save their money but also build upon it by earning an interest on the deposit. SBI allows customers to open recurring deposits for up to 10 years. Fixed deposits (FDs) are also for a fixed amount of time and offer decent interest rate, usually higher than a savings deposit account.

(Also read: Fixed Deposits Vs Liquid Funds: Which Is A Better Choice For You?)

However, unlike RDs, FDs are invested into at one go, that is, customer have to park a sum of money only once and then they can keep on earning an interest income on the same. The interest rates on all the three forms of SBI deposits vary. The interest rate offered on savings bank accounts/deposits is generally modest as compared to that of an RD or FD.

Here are the interest rates offered by SBI on recurring deposit (RD), fixed deposit (FD) and savings deposit accounts:

From November 1, 2017, SBI revised its interest rates offered on RDs for a deposit below Rs 1 crore, said a customer care executive of SBI.

SBI interest rate on recurring deposit accounts:
 
TenureGeneral publicSenior citizens
1 year6.25% pa6.75% pa
2 year  -less than 3 years6% pa 6.50% pa
3 year - less than 5 years6% pa 6.50% pa
5 year-up to 10 years6% pa 6.50% pa



SBI interest rate on fixed deposits (FDs)

Revision in Interest Rates On Retail Domestic Term Deposits (Below Repees One Crore) w.e.f. 01.11.2017

Accordingly, the interest rates for Retail Domestic Term Deposits ‘Below Rupees One Crore 'have been revised.The revised interest rates are as under:

(All figures in % per annum)
 
TenorsRevised For Public w.e.f. 01.11.2017Revised for Senior Citizens w.e.f. 01.11.2017
7 days to 45 days
5.25
5.75
46 days to 179 days
6.25
6.75
180 days to 210 days
6.25
6.75
211 days to less than 1 year
6.25
6.75
1 year
6.25
6.75
Above 1 year to 455 days
6.25
6.75
456 days to less than 2 years
6.25
6.75
2 years to less than 3 years
6
6.5
3 years to less than 5 years
6
6.5
5 years and up to 10 years
6
6.5


SBI interest rate on savings deposit accounts

Revision of Interest Rates on Savings Bank Deposits With effect from 31st July 2017:
 
ParticularsRate of Interest
Saving Deposits Balance upto Rs. 1 crore.3.50% p.a
Saving Deposits Balance above Rs. 1 crore.4.00% p.a


 

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................

Top