SBI Interest Rates: Savings Bank Account Vs Fixed Deposit Vs NRE Account

SBI Interest Rates: Savings Bank Account Vs Fixed Deposit Vs NRE Account

State Bank of India (SBI), the largest lender of the country, offers several account options to customers to choose from. SBI offers savings bank accounts, current accounts, fixed deposits, recurring deposits etc, where customers can park their funds. SBI also offers special salary accounts for employees of corporates, schools, colleges, universities, government establishments/ organizations, railways, police establishments, defense personnel etc, SBI said on its corporate website, sbi.co.in. SBI also offers a Non Resident External (NRE) Account that allows non-resident Indian (NRI) customers to park their overseas earnings remitted to India and converted to Indian rupees, said on its retail banking website, onlinesbi.com.

Given below are the interest rates offered by SBI on savings bank accounts, fixed deposits (FD) and NRE accounts:

SBI interest rates on savings bank accounts: 

Revision of interest rates on savings bank deposits with effect from 31st July 2017:

Particulars Rate of Interest
Saving Deposits Balance upto Rs. 1 crore. 3.50% p.a
Saving Deposits Balance above Rs. 1 crore. 4.00% p.a

SBI fixed deposit (FD) interest rates: 

Revision in Interest Rates On Retail Domestic Term Deposits (Below Repees One Crore) w.e.f. 01.11.2017

Accordingly, the interest rates for Retail Domestic Term Deposits ‘Below Rupees One Crore ‘have been revised.The revised interest rates are as under :
(All figures in % per annum)

Tenors Revised For Public w.e.f. 01.11.2017 Revised for Senior Citizens w.e.f. 01.11.2017
7 days to 45 days
5.25
5.75
46 days to 179 days
6.25
6.75
180 days to 210 days
6.25
6.75
211 days to less than 1 year
6.25
6.75
1 year
6.25
6.75
Above 1 year to 455 days
6.25
6.75
456 days to less than 2 years
6.25
6.75
2 years to less than 3 years
6
6.5
3 years to less than 5 years
6
6.5
5 years and up to 10 years
6
6.5

Interest rates on SBI’s NRE Savings Bank account: 

Revision of interest rates on savings bank deposits with effect from 31st July 2017:

Particulars Rate of Interest
Saving Deposits Balance upto Rs. 1 crore. 3.50% p.a
Saving Deposits Balance above Rs. 1 crore. 4.00% p.a

Interest rates on SBI’s NRE fixed deposits:
Rates of interest on non-resident external account deposits w.e.f 30.01.2018

NRE TERM DEPOSITS With effect from 30th January, 2018
Tenors Below Rs.1 Crore Rs.1 Crore & up to 10 Crores Above Rs.10 Crores
1 year 6.25% 6.25% 6.25%
Above 1 year to 455 days 6.25% 6.25% 6.25%
456 days to less than 2 years 6.25% 6.25% 6.25%
2 years to less than 3 years 6.00% 6.00% 6.00%
3 years to less than 5 years 6.00% 6.00% 6.00%
5 years and upto 10 years 6.00% 6.00% 6.00%
Premature withdrawal No interest is payable if the deposit is withdrawn before one year. No interest is payable if the deposit is withdrawn before one year. No interest is payable if the deposit is withdrawn before one year.
Effective 01st April 2017, Penalty for Premature Withdrawal for Retail Term Deposits upto Rs.5.00 lacs will be 0.50% (all tenors). On pre-mature withdrawal of the deposit (after completion of 1 year), interest will be paid at applicable rate for the period the deposit has actually remained with the Bank or contracted rate less Premature Penalty of 1%, whichever is lower. On pre-mature withdrawal of the deposit (after completion of 1 year), interest will be paid at applicable rate for the period the deposit has actually remained with the Bank or contracted rate less Premature Penalty of 1%, whichever is lower.
In all other cases, on pre-mature withdrawal of the deposit (after completion of 1 year), interest shall be 0.50% or 1% below the rate applicable at the time of Deposits for the period Deposit remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower.

 

Source by:-ndtv

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