SBI Interest Rates: Returns On Deposits In Different Accounts Compared

State Bank of India (SBI) offers a variety of options for investors. 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..Given below are the interest rates offered by SBI on different types of deposit schemes:.Regular savings bank account.SBI 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. Deposits above Rs. 1 crore fetch an interest rate of 4 per cent..Savings plus account.SBI'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 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, according to SBI's website..Fixed deposit (FD) account.Fixed 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:.table.sbiTab1 { border-top: solid 1px #ccc; border-left: solid 1px #ccc; border-right: solid 1px #ccc; font-size: 14px; margin: 10px 0px; } table.sbiTab1 th { background-color: #f5f5f5; padding: 5px 10px; border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; } table.sbiTab1 td { border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; padding: 5px 10px; } table.sbiTab1 th:nth-child(1), table.sbiTab1 td:nth-child(1) { } table.sbiTab1 th:last-child, table.sbiTab1 td:last-child { border-right: 0; } @media only screen and (max-device-width: 480px) and (min-device-width: 320px) { table.sbiTab1 { max-width: 100%; } table.sbiTab1 th, table.sbiTab1 td, table.sbiTab1 th:nth-child(n+1), table.sbiTab1 td:nth-child(n+1) { display: table-cell; line-height: normal; } table.sbiTab1 th:last-child, table.sbiTab1 td:last-child { border-right: 0; } . Tenors Revised For Public w.e.f. 28.11.2018 Revised for Senior Citizens w.e.f. 28.11.2018 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 6.8 7.3 2 years to less than 3 years 6.8 7.3 3 years to less than 5 years 6.8 7.3 5 years and up to 10 years 6.85 7.35 (Source: sbi.co.in) .Recurring Deposit (RD) account.Recurring deposit (RD) allows customers to save a fixed sum every month and earn an interest income on the same. SBI's interest rates on recurring deposits (RDs) are same as that on fixed deposit (FD) accounts, noted the lender on its corporate website..Basic Savings Bank Deposit account.SBI'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, 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 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 scheme.SBI 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:.table.tab_4 { border-top: solid 1px #ccc; border-left: solid 1px #ccc; border-right: solid 1px #ccc; font-size: 14px; } table.tab_4 th { background-color: #f5f5f5; padding: 5px 10px; border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; } table.tab_4 td { border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; padding: 5px 10px; } table.tab_4 th:nth-child(1), table.tab_4 td:nth-child(1) { width: 40%; } table.tab_4 th:last-child, table.tab_4 td:last-child { border-right: 0; } @media only screen and (max-device-width: 480px) and (min-device-width: 320px) { table.tab_4 { display: table; min-width: 280px; max-width: 100%; } table.tab_4 th, table.tab_4 td, table.tab_4 th:nth-child(n+1), table.tab_4 td:nth-child(n+1) { display: table-cell; line-height: normal; } table.tab_4 th:last-child, table.tab_4 td:last-child { border-right: 0; } . Tenors Revised For Public w.e.f. 28.11.2018 Revised for Senior Citizens w.e.f. 28.11.2018 3 years to less than 5 years 6.8 7.3 5 years and up to 10 years 6.85 7.35 .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.

SBI Interest Rates: Returns On Deposits In Different Accounts Compared

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