This Article is From Dec 04, 2018

Latest Interest Rates, Minimum Balance Rules Of State Bank Of India (SBI)

Recently, State Bank of India (SBI) raised interest rates on fixed deposit accounts across select maturities.

Latest Interest Rates, Minimum Balance Rules Of State Bank Of India (SBI)

State Bank of India (SBI) raised its FD interest rates between 0.05-0.10% on deposits below Rs 1 crore.

State Bank of India (SBI) has a deposit base of Rs. 28.07 lakh crore (as on September 2018). SBI, the largest commercial bank of the country in terms of assets, deposits, profits, branches, customers and employees, offers a range of services, credit and debit cards, savings accounts, term deposits, and loans among other things. Recently, SBI raised interest rates across fixed deposit accounts of select maturities. It also reduced the amount that can be withdrawn from some of its ATM-cum-debit cards.

Here are 10 latest updates on SBI:

1. SBI revised its fixed deposit (FD) interest rates on select maturity baskets with effect from November 28, the lender said.

2. SBI raised its FD interest rates between 0.05-0.10 per cent on deposits below Rs 1 crore, according to sbi.co.in.

3. Since interest rates on recurring deposit accounts are the same as on fixed deposits, SBI RD interest rates were also revised with effect from November 28.

4. SBI had earlier stated that whoever had not linked his/ her number with internet banking services would have to do so by November 30. With effect from December 1, internet banking services for people who did not link their phone numbers with internet banking stand blocked.

5. With effect from October 31, SBI halved withdrawal limits on Classic and Maestro debit cards.

6. Customers can now withdraw only Rs. 20,000 as compared to Rs. 40,000 earlier from SBI Classic and Maestro debit cards.

7. This move is in line with RBI's directive to migrate towards to EMV (Europay, Mastercard and Visa) chip-and-pin cards, which protect user data. The goal is to check fraudulent transactions.

8. On savings account, SBI offers up to 3.5 per cent interest rate on deposits up to Rs 1 crore and 4 per cent per annum on deposits above Rs 1 crore.

9. SBI's minimum balance requirements, which vary according to the location of branch in urban, metro, semi-urban and rural areas, range between Rs 1,000-Rs 3,000.

10. SBI has the largest network of nearly 22,500 branches in India and ATM network of nearly 59,000 ATMs.