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SBI Interest Rates: Savings Bank (SB) Account Vs Recurring Deposit (RD) Vs Fixed Deposit (FD)

State Bank of India has raised fixed and recurring deposit interest rates, which means that depositors will get more returns on their deposits.

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SBI Interest Rates: Savings Bank (SB) Account Vs Recurring Deposit (RD) Vs Fixed Deposit (FD)

SBI revised interest rates on fixed deposits with effect from 28th February, 2018.

State Bank of India (SBI) has recently hiked its key interest rates across most maturities and deposits. The largest lender of the country has also raised its MCLR or marginal cost based lending rate - the rate below which it cannot lend. This will also have an effect on the equated monthly instalments (EMIs) of SBI customers. But fixed deposit (FD) and recurring deposit (RD) rates have also been raised, which in effect means that depositors will get more returns on their deposits. However, interest rates on savings bank accounts have been kept unchanged. (Also read: Financial planning crucial to secure financial future: SBI)

Given below is a comparison between interest rates of SBI on savings bank accounts, fixed deposits and recurring deposits:

(Also Read:FD Interest Rates Of ICICI Bank, Kotak Mahindra Bank, SBI, Axis Bank, HDFC Bank)

SBI interest rates on savings bank account
SBI revised interest rates on savings bank deposits with effect from 31st July 2017, according to its website, sbi.co.in.
 
Sr No.ParticularsRate of Interest
1Saving Deposits Balance upto Rs. 1 crore.3.50% p.a
2Saving Deposits Balance above Rs. 1 crore.4.00% p.a

SBI interest rates on fixed deposits

1. SBI revised interest rates on fixed deposits (below Rs 1 crore) with effect from 28.02.2018, according to its website. The revised interest rates are as under:

(All figures in % per annum)
 
TenorsExisting for Public w.e.f. 01.11.2017Revised For Public w.e.f. 28.02.2018Existing for Senior Citizens w.e.f. 01.11.2017Revised for Senior Citizens w.e.f. 28.02.2018
7 days to 45 days
5.25
5.75
5.75
6.25
46 days to 179 days
6.25
6.25
6.75
6.75
180 days to 210 days
6.25
6.35
6.75
6.85
211 days to less than 1 year
6.25
6.4
6.75
6.9
1 year
6.25
6.4
6.75
6.9
Above 1 year to 455 days
6.25
6.4
6.75
6.9
456 days to less than 2 years
6.25
6.4
6.75
6.9
2 years to less than 3 years
6
6.5
6.5
7
3 years to less than 5 years
6
6.5
6.5
7
5 years and up to 10 years
6
6.5
6.5
7


2. SBI revised interest rates on domestic bulk term or fixed deposits (Rs 1 crore To Rs 10 crore) with effect from 28.02.2018, said sbi.co.in.

Comments
(All figures in % per annum)
 
TenorsExisting w.e.f. 30.01.2018Revised w.e.f 28.02.2018Existing for Senior Citizen w.e.f 30.01.2018Revised for Senior Citizen w.e.f. 28.02.2018
7 days to 45 days
5.25
5.75
5.75
6.25
46 days to 179 days
6.25
6.7
6.75
7.2
180 days to 210 days
6.25
6.7
6.75
7.2
211 days to less than 1 year
6.25
6.75
6.75
7.25
1 year to 455 days
6.25
6.75
6.75
7.25
456 days to less than 2 years
6.25
6.75
6.75
7.25
2 years to less than 3 years
6
6.75
6.5
7.25
3 years to less than 5 years
6
6.65
6.5
7.15
5 years and up to 10 years
6
6.25
6.5
6.75

3. SBI revised its interest rates on domestic bulk term or fixed deposits (above Rs 10 crore) with effect from 28.02.2018, said said sbi.co.in.

(All figures in % per annum)
 
TenorsExisting w.e.f. 30.01.2018Revised w.e.f 28.02.2018Existing for Senior Citizen w.e.f 30.01.2018Revised for Senior Citizen w.e.f. 28.02.2018
7 days to 45 days
5.25
5.75
5.75
6.25
46 days to 179 days
6.25
6.7
6.75
7.2
180 days to 210 days
6.25
6.7
6.75
7.2
211 days to less than 1 year
6.25
6.75
6.75
7.25
1 year to 455 days
6.25
6.75
6.75
7.25
456 days to less than 2 years
6.25
6.75
6.75
7.25
2 years to less than 3 years
6
6.75
6.5
7.25
3 years to less than 5 years
6
6.65
6.5
7.15
5 years and up to 10 years
6
6.25
6.5
6.75

SBI interest rates on recurring deposits (as told by a customer care executive)
 
TenureGeneral publicSenior citizens
1 year6.40% pa6.90% pa
2 year  -less than 3 years6.50% pa 7% pa
3 year - less than 5 years6.50% pa 7% pa
5 year-up to 10 years6.50% pa 7% pa

SBI raised the key one-year MCLR to 8.15 per cent from 7.95 per cent. Since the inception of a new lending rate system in April 2016, this is the first time that SBI has raised the one-year MCLR or benchmark rate.

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