New Bank Rates In India

Friends,

            State Bank of India has revised their interest  rates w.e.f. 17.08.2010. Earlier the rates were changed w.e.f. 09.11.09.  In case you are going to Deposit/Loan from any bank.  Check the below interest table first. Comparision with old rates can be viewed as below:-


Interest Rates for Deposits below Rs. One Crore
(% p.a.)
Tenors
Existing w.e.f.09.11.2009 (% p.a.)

Revised w.e.f.17.08.2010 (% p.a.)
15 days to 45 days
2.50
15 days to 45 days
4.00
46 days to 90 days
3.50
46 days to 90 days
4.00
91 days to 180 days
4.75
91 days to 180 days
4.75
181 days to less than 1 year
5.25
181 days to less than 1 year
6.00
1 year to less than 2 years
6.00
1 year to less than 2 years
6.75
2 year to less than 3 years
6.50
2 year to less than 3
7.25
3 year to less than 5 years
6.50
3 year to less than 5 years
6.75
5 years to less than 8 years
7.25
5 years to less than 8 years
7.00
8 years and up to 10 years
7.50
8 years and up to 10 years
7.25
Note: Term deposits for maturity period of "7 days to 14 days" will continue to be accepted for amounts of Rs. 1 Crore and above.

There shall be no premium in rate of interest for single domestic term deposit of ‘Rs.15 lakhs but less than Rs.1 Crore’ of any maturity. 

The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. The interest rates on “Capgains Plus”, “SBI Tax Savings Scheme 2006(SBITSS)” schemes and NRO deposits shall be aligned as per the proposed rates for domestic term deposits. These rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks. 


Interest Rates for Deposits of Rs. One Crore & Above
(% p.a.)
Tenors
Rates
w.e.f. 03.03.2010
Revised
w.e.f. 27.03.2010
7 days to 14 days
1.50
1.50
15 days to 30 days
2.00
2.00
31 days to 45days
2.25
2.25
46 days to 90 days
3.00
3.00
91 days to 180 days
3.50
3.50
181 days to 270 days
4.50
4.50
271 days to less than 1 year
5.00
5.25
1 year and above
6.00
6.00
  • On premature of any deposit 1% less from the rates applicable for the period deposit will be given.
  • Premium for Staff, Staff Pensioner & Senior Citizen or any other category of depositors will not be paid to such deposits.
  • No differential (higher) rates of interest shall be paid for these deposits.


STATE BANK REINVESTMENT PLAN
(Applicable to Domestic/NRO Deposits)

STANDARD TABLE FOR MATURITY VALUES OF A SPECIAL TERM DEPOSIT OF RS. 100/- w.e.f. 17.08.2010
Period in
Months

Maturity value as per
IBA MASTER CHART (4 decimal)
PUBLIC
STAFF
6
103.0225
103.5306
9
104.5678
105.3424
12
106.9228
107.9782
24
114.8882
117.1659
36
124.0547
127.7599
48
133.2962
138.6306
60
144.9948
152.2795
72
156.1791
165.6417
84
168.2261
180.1764
96
184.7938
199.8613
108
199.5369
217.9314
120
215.4563
237.6353

1. Interest has been compounded on the deposits at quarterly intervals.
2. The maturity value of Special Term Deposit is calculated on the basis of IBA master charts (four decimal figures) and is rounded off to the nearest rupee; fraction of 50 paise and above to be rounded off to next higher rupee and the fractions of less than 50 paise to be ignored.This is done at the final stage only.
3. The rate of interest for staff is 1% higher than the prevailing deposits rates.
4. The above table is for reference only. The actual maturity value shall be calculated by the system.
5. The maturity value for the 555 days deposit and the 1000 days deposit will be calculated similarly.

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