State Bank of India (SBI) offers a wide range of services under its personal banking portfolio. From a basic savings account to a fixed deposit (FD) account, the country's largest lender provides a variety of options to investors for their requirements. SBI provides interest rates in a range of 5.75-7.35 per cent across maturities in fixed deposit and recurring deposit accounts, according to the bank's website - sbi.co.in. Interest rates on fixed income instruments such as FD vary from one bank to another, depending on factors such as maturity period and amount of deposit.
Here are the interest rates offered by SBI on different types of accounts or deposit schemes:
Regular savings account
SBI pays an interest rate of 3.5 per cent per annum on saving deposits up to Rs 1 crore, according to the bank's website. Deposits above Rs 1 crore fetch an interest rate of 4 per cent, it noted.
Fixed deposit (FD) account
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. Here are interest rates paid by SBI on deposits up to Rs 1 crore across different maturity periods, according to the bank's website:
| Term | Interest rate for general public w.e.f. 30.07.2018 | Interest rate for senior citizens w.e.f. 30.07.2018 |
|---|---|---|
| 7 days to 45 days | 5.75 | 6.25 |
| 46 days to 179 days | 6.25 | 6.75 |
| 180 days to 210 days | 6.35 | 6.85 |
| 211 days to less than 1 year | 6.4 | 6.9 |
| 1 year to less than 2 year | 6.7 | 7.2 |
| 2 years to less than 3 years | 6.75 | 7.25 |
| 3 years to less than 5 years | 6.8 | 7.3 |
| 5 years and up to 10 years | 6.85 | 7.35 |
Recurring deposit (RD)
Recurring deposit (RD) is a type of term deposit in which the investor parks an equal amount of money at regular intervals in the account.
Here are the interest rates paid by SBI on recurring deposits (RD) across different maturities:
| Term | Interest rate for general public (% per annum) | Interest rate for senior citizens (% per annum) |
|---|---|---|
| 7 days to 45 days | 5.75 | 6.25 |
| 46 days to 179 days | 6.25 | 6.75 |
| 180 days to 210 days | 6.35 | 6.85 |
| 211 days to less than 1 year | 6.4 | 6.9 |
| 1 year to less than 2 year | 6.7 | 7.2 |
| 2 years to less than 3 years | 6.75 | 7.25 |
| 3 years to less than 5 years | 6.8 | 7.3 |
| 5 years and up to 10 years | 6.85 | 7.35 |
Public Provident Fund (PPF) account
Investment in a PPF account fetches an interest rate of 8 per cent per annum. Interest on deposit in a PPF account is compounded on an annual basis, which means it is added to the principal amount every year.
NSC (National Savings Certificate)
NSC, one of the tax-saving investment options available under Section 80C of the Income Tax Act, offers an interest rate of 8 per cent per annum.
Basic Savings Bank Deposit account
SBI's basic savings bank deposit (BSBD) account offers the same rate of interest as applicable to its regular savings bank account. SBI currently offers a rate of interest of 3.5 per cent per annum on deposits up to Rs 1 crore in savings bank accounts.
Small account
SBI pays the same interest rate on deposits in a small account as the regular savings bank account, according to the bank's website.
Current account
This 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.
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