State Bank of India or SBI provides a range of fixed deposit maturities from seven days to 10 years. SBI, the country's largest lender, provides interest rates to the tune of 5.75-6.85 per cent to the general public on fixed deposit (FD) up to Rs 2 crore, according to its website, sbi.co.in. These interest rates on fixed deposits up to Rs 2 crore are applicable with effect from February 22, 2019, according to the SBI website. The bank pays slightly higher returns to senior citizen customers. In the same range of maturities, the bank pays interest at the rate of 6.25-7.35 per cent on FDs up to Rs 2 crore, according to its portal.
Given below are the latest interest rates paid by SBI on fixed deposits (FD) up to Rs 2 crore:
|Tenors||Existing for Public w.e.f. 28.11.2018||Revised For Public w.e.f. 22.02.2019||Existing for Senior Citizens w.e.f. 28.11.2018||Revised for Senior Citizens w.e.f. 22.02.2019|
|7 days to 45 days||5.75||5.75||6.25||6.25|
|46 days to 179 days||6.25||6.25||6.75||6.75|
|180 days to 210 days||6.35||6.35||6.85||6.85|
|211 days to less than 1 year||6.4||6.4||6.9||6.9|
|1 year to less than 2 year||6.8||6.8||7.3||7.3|
|2 years to less than 3 years||6.8||6.8||7.3||7.3|
|3 years to less than 5 years||6.8||6.8||7.3||7.3|
|5 years and up to 10 years||6.85||6.85||7.35||7.35|
The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act, 1961.
Commercial banks from time to time revise the interest rates applicable to their FDs. Last week, private sector lender Kotak Mahindra Bank and Axis Bank revised their fixed deposit interest rates applicable to term deposits up to Rs 1 crore.
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