Retail Domestic term deposits

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Retail Domestic term deposits

Revision in Interest Rates On Retail Domestic term deposits (Below Rs. 2 crore) interest rates revised w.e.f. 27.05.2020

Accordingly, the interest rates for Retail Domestic Term Deposits ‘Below Rupees Two Crore 'have been revised.The revised interest rates are as under :

(All figures in % per annum)

Tenors Existing Rates for Public w.e.f. 12.05.2020 Revised Rates For Public w.e.f. 27.05.2020 Existing Rates for Senior Citizens w.e.f. 12.05.2020 Revised Rates for Senior Citizens w.e.f. 27.05.2020
7 days to 45 days 3.30 2.90 3.80 3.40
46 days to 179 days 4.30 3.90 4.80 4.40
180 days to 210 days 4.80 4.40 5.30 4.90
211 days to less than 1 year 4.80 4.40 5.30 4.90
1 year to less than 2 year 5.50 5.10 6.00 5.60
2 years to less than 3 years 5.50 5.10 6.00 5.60
3 years to less than 5 years 5.70 5.30 6.20 5.80
5 years and up to 10 years 5.70 5.40 6.50 6.20

A special “ SBI Wecare” Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps as detailed in the above table) will be paid to Senior Citizen’s on their retail TD for '5 Years and above' tenor only. ‘SBI Wecare” deposit scheme will be available for a limited period i.e. upto 30th September, 2020

The interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate. The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50% above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1%) and resident Indian Senior Citizens (0.50%).

The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. The interest rates on “SBI Tax Savings Scheme 2006(SBITSS)” Retail Deposits and NRO deposits shall be aligned as per the proposed rates for domestic retail term deposits. However, NRO deposits of Staff are not eligible for additional 1% interest otherwise applicable to staff domestic retail deposits, these rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks.


Interest Rates

6.95% p.a.

w.e.f. 01.07.2020

*T&C Apply.

 

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