State Bank of India is the number one public sector bank of the nation. It is the largest bank in terms of assets held as well as in terms of the number of customers. Deposits offered by State Bank of India are quite popular in with respect to flexibility and features they offer as well as the rates of interest that a customer is able to earn. State Bank of India fixed deposit includes recurring deposits in there domestic deposit schemes. Special deposit schemes are also offered by State Bank of India; these schemes provide flexibility in the form of overdraft facility or break-up facility that furnishes liquidity to your deposit accounts. The interest rates applicable on deposits that amount to within rupees one crore are listed below.
State Bank of Indian Short-Term Domestic Deposit Rates –
Short-term deposits are deposits that have deposit tenures of a few days or months. A domestic deposit with a period of 7-45 days fetches an interest rate of 5% per annum while that of 46-90 days earns a rate of 7% per annum. A 7.25% interest rate is offered by State Bank for domestic deposits with tenures of 180-210 days. Domestic deposits which have a maturity period between 211 days and one year are pegged at a rate of 7.5% per annum.
State Bank of Indian Long-Term Domestic Deposit Rates –
Long-term deposits by State Bank of India are also quite popular with customers due to the competitive rates that SBI offers. Deposits with a period of 1-2 years are offered at a rate of 8.75% by the bank while those with a tenure between 2-3 years are offered 8.75% per annum. The same rate of 8.75% is also applicable to domestic deposits with a tenure of 3-5 years. Long- term deposits with a deposit tenure between 5-10 years are able to fetch a rate of interest equivalent to 9% per annum.
State Bank of India, Domestic Deposit Rates for Senior Citizens –
All domestic deposits are offered at a slightly higher rate to senior citizens. So be it a fixed deposit scheme or a recurring scheme, senior citizens get to enjoy 0.25% over and above the regular rates that are offered by the bank. Also, employees and pensioners of State Bank of India get the benefit of 1% more than the regular domestic deposit rates.
Domestic Deposit rates for deposit over Rupees One Crore –
Rates offered on domestic deposits vary a little from regular rates in case the deposit amount is greater than rupees one crore. For such deposits, a period of 7-60 days earns a rate of 6.25% per annum and a period between 61 days to less than a year fetches 6.75%. A rate of 8.25% is offered for domestic deposits that are made for a period between 1 to 2 years. However, a deposit tenure of 2-10 years fetches a rate of interest of 8.5% per annum. For these deposits also, State Bank of India offers 0.25% over and above the regular rates, to senior citizens.