Monday, May 16, 2011

Bank Interest on Deposit increased w.e.f. 12.05.2011


State Bank of India has revised Interest rates for Domestic Term deposits "below one Crore" effective from the 12th May, 2011 would be as under :-

Tenors
Existing w.e.f. 14.02.2011

Revised w.e.f.12.05.2011
7 days to 14 days
4.00
7 days to 14 days
6.25
15 days to 45 days
5.00
15 days to 45 days
6.25
46 days to 90 days
5.50
46 days to 90 days
6.25
91 days to 180 days
6.00
91 days to 180 days
7.00
181 days to less than 1 year
7.75
181 days to less than 1 year
7.75
1 year to 554 days
8.25
1 year to 554 days
8.25
555 days
9.25
555 days
9.25
556 days to less than 2 years
8.25
556 days to less than 2 years
8.25
2 years to 999 days
8.75
2 years to 999 days
8.75
1000 days
9.25
1000 days
9.25
1001days to less than 3 years
8.75
1001days to less than 3 years
8.75
3 year to less than 5 years
8.25
3 year to less than 5 years
8.25
5 years to less than 8 years
8.50
5 years to less than 8 years
8.50
8 years and up to 10 years
8.75
8 years and up to 10 years
8.75
Term deposits for maturity period of “7 days to 14 days” will also be accepted for amounts of below Rs. One Crore.
  • 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 revised 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 revised rates for domestic term deposits. These rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks

Premature Payment of Term Deposits:
Interest to be paid on premature withdrawal of term deposits at 1.00% below the rate applicable for the period deposit has remained with the Bank,
or 1.00% below the contracted rate, whichever is lower
Domestic Term Deposits of Rs One Crore & above
Term deposits will continue to be accepted for amounts of Rs. One Crore and above at all the branches, and the ‘card’ rates w.e.f. 07.12.2010 are as below:

Tenors
Revised w.e.f. 07.12.2010
7 days to 14 days
6.25
15 days to 30 days
6.25
31 days to 45days
6.50
46 days to 90 days
7.00
91 days to 180 days
7.25
181 days to 270 days
7.75
271 days to less than 1 year
8.00
1 year to less than 2 years
8.50
2 years and above
8.00
 The Differential Rates of Interest (DRI rates for higher amount of deposits) for the day may be obtained from the DGM(SME) at the nearest Local Head Office through the nearest branch

Intense Debate Comments

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