INSUBCONTINENT EXCLUSIVE:
SBI provides a wide range of services under its personal banking portfolio.State Bank of India (SBI) offers a variety of options for
From savings bank account to fixed deposit (FD) account, the lender provides a wide range of services under its personal banking portfolio
"Whatever your needs be- an investment of your surplus funds or to create a fund for your children's education and marriage
You will find a product from SBI that suits your requirement, delivered at a branch close to you", the lender said on its portal- sbi.co.in
Interest rates on SBI deposit schemes such as FD vary, depending on factors such as maturity period and amount of deposit.Regular savings
bank accountSBI pays an interest rate of 3.5 per cent per annum on deposits up to Rs
1 crore, according to SBI's corporate website - sbi.co.in
1 crore fetch an interest rate of 4 per cent.Savings plus accountSBI's savings plus account is a savings bank account linked to Multi Option
Deposit Scheme (MODS), wherein surplus fund above a threshold limit from the savings bank account is transferred automatically to term
deposits opened in multiples of Rs 1000
The rate of interest for SBI's savings plus account is same as applicable to SBI's savings bank account. Current accountThis type of bank
account is suitable for entities such as firms, companies, public enterprises and businessmen
No rate of interest is applicable on this type of account, according to SBI's website.Fixed deposit (FD) accountFixed deposits (FDs) are
fixed-income instruments which guarantee a fixed rate of return on investments
On deposit of up to Rs 1 crore in a fixed deposit account, SBI currently pays an interest rate of 6.8 per cent to the general public in a
maturity period of four years
The following FD interest rates are applicable on deposits below Rs 1 crore, according to the bank's website:TenorsRevised For Public w.e.f
28.11.2018Revised for Senior Citizens w.e.f
28.11.20187 days to 45 days5.756.2546 days to 179 days6.256.75180 days to 210 days6.356.85211 days to less than 1 year6.46.91 year to less
than 2 year6.87.32 years to less than 3 years6.87.33 years to less than 5 years6.87.35 years and up to 10 years6.857.35(Source:
sbi.co.in) Recurring Deposit (RD) accountRecurring deposit (RD) allows customers to save a fixed sum every month and earn an interest
Interest rates offered 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 accountSBI's basic savings bank deposit (BSBD) account is primarily meant for economically weaker
sections of society to encourage them to start saving without any burden of charges or fees
SBI's BSBD account offers the same rate of interest as applicable to savings bank account.Public Provident Fund (PPF)A PPF account provides
an investment avenue with decent returns coupled with income tax benefits
Interest rate is determined by central government on quarterly basis
At present it is 8.0 per cent per annum
Interest is calculated on the minimum balance (in PPF account) between fifth day and end of the month and is paid on March 31 every year.Tax
Savings Scheme, 2006The 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 per cent for general public and 7.35 per cent for senior citizens in maturity
period of 5 years and up to 10 years.Annuity deposit schemeSBI annuity deposit account enables the depositor to pay a one-time lump sum
amount and receive the same in equated monthly instalments (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:TenorsRevised For Public w.e.f
28.11.2018Revised for Senior Citizens w.e.f
28.11.20183 years to less than 5 years6.87.35 years and up to 10 years6.857.35 National Pension SystemNPS 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.
