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Following a reduction of 50 basis points (0.50 percent) in Interest rates for Fixed Deposits (Term Deposits), large term deposits (above rs 1 Crore) having a tenure of three years or more will face a reduction of interest rates by 0.50 percent with effect from 29th April 2017.

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.

Applicable from The interest rates for Retail Domestic Term Deposits ‘Below Rupees One Crore’ have been revised as under:

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Source Courtesy: SBI Website