All About Interest Rates Of SBI
State Bank of India (SBI) offers a range of solid options for investors. From a fixed deposit (FD) account to savings bank account, the bank provides a broad spectrum of services under its personal banking portfolio. “Whatever your needs accordingly: re-investing a return on your investment or to create a fund for your children’s marriage and education. You will mostly find a product of SBI that gels well with your requirement and will be delivered at a branch near to you”, the bank said on its portal- sbi.co.in. Interest rates on SBI deposit schemes such as Fixed Deposits vary according to various factors such as the amount of deposit and maturity period.
Different Rate of Returns according to the the time period of investments:
Revised For Public w.e.f. 28.11.2018
Revised for Senior Citizens w.e.f. 28.11.2018
7 days to 45 days
46 days to 179 days
180 days to 210 days
211 days to less than 1 year
1 year to less than 2 year
2 years to less than 3 years
3 years to less than 5 years
5 years and up to 10 years
No rate of return is available on this particular kind of account, as per the SBI’s website
Fixed deposit (FD) account
FDs are fixed-income investments which guarantee a fixed rate of return on investments. On deposit till Rs. 1 crore in a fixed deposit account, SBI currently pays an interest rate of 6.8% to the common public in a maturity period of 4 years.
Recurring Deposit (RD) account
RD allows customers to save a fixed value of money each month and gain an interest income on the same. SBI’s interest rates on recurring deposits (RDs) are the same as that on fixed deposit (FD) accounts, noted the lender on its corporate website.
Basic Savings Bank Deposit account
(BSBD) account is primarily meant for economically weaker people of society to engage them into saving without any charges or fees.BSBD account also offers the same rate of interest as applicable to a savings bank account.
Public Provident Fund (PPF)
A PPF account provides an investment option with substantial returns coupled with income tax benefits. The central government determines the interest rate quarterly. At present, it is 8.0 percent per annum. Interest is evaluated on the minimum balance in PPF account between 5th day and end of the month and is paid on March 31st of every year.
Tax Savings Scheme, 2006
The rate of interest for the tax savings scheme is similar to that on fixed deposits. The interest rates for fixed deposit below Rs. 1 crore are 6.85 percent for the general public and 7.35 percent for senior citizens in the maturity period of 5 years and up to 10 years.
Annuity deposit scheme
SBI annuity deposit account enables the depositor to pay a one-time lump sum amount and receive the same in equated monthly installments (EMIs), comprising a part of the principal amount as well as interest on the reducing principal amount. The following interest rates are for deposits below Rs. 1 crore:
National Pension System
NPS has no fixed rate of interest. The interest rate on NPS contribution is dependent on the pension fund manager (PFM) the account holder chooses, according to SBI.
Table of Contents
- 1 All About Interest Rates Of SBI
- 1.1 Different Rate of Returns according to the the time period of investments:
- 1.2 Current account
- 1.3 Fixed deposit (FD) account
- 1.4 Recurring Deposit (RD) account
- 1.5 Basic Savings Bank Deposit account
- 1.6 Public Provident Fund (PPF)
- 1.7 Tax Savings Scheme, 2006
- 1.8 Annuity deposit scheme
- 1.9 National Pension System