The main attraction of the below rates is that 7% for the period only upto 90 days and Interest rate is 0.50% on premature of Time Deposit for deposit above 90 days etc.
The revised interest rates for Domestic Term Deposits 'Below Rupees One Crore' effective from the 11.07.2011would be as under:
Tenors | Existing w.e.f. 12.05.2011 | Tenors | Revised w.e.f.11.07.2011 |
7 days to 14 days | 6.25 | 7 days to 90 days | 7.00 |
15 days to 45 days | 6.25 | ||
46 days to 90 days | 6.25 | ||
91 days to 180 days | 7.00 | 91 days to 179 days | 7.25 |
181 days to less than 1 year | 7.75 | 180 days to 240 days | 6.50 |
241 days to less than 1 year | 7.75 | ||
1 year to 554 days | 8.25 | 1 year to less than 2 years | 9.25 |
555 days | 9.25 | ||
556 days to less than 2 years | 8.25 | ||
2 years to 999 days | 8.75 | 2 years to less than 3 years | 9.25 |
1000 days | 9.25 | ||
1001days to less than 3 years | 8.75 | ||
3 years to less than 5 years | 8.25 | 3 years to less than 5 years | 9.25 |
5 years to less than 8 years | 8.50 | 5 years and up to 10 years | 9.25 |
8 years and up to 10 years | 8.75 |
There shall be no premium in rate of interest for single domestic term deposit of ‘Rs.15 lakhs but less than Rs.1 Crore’ of any maturity.
The revised rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. The interest rates on “Capgains Plus”, “SBI Tax Savings Scheme 2006(SBITSS)” schemes and NRO deposits shall be aligned as per the revised rates for domestic term deposits. These rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks |
Premature Payment of Term Deposits:
Interest to be charged on premature withdrawal of term deposits at 0.50% below the rate applicable for the period deposit has remained with the Bank or 0.50% below the contracted rate, whichever is lower, for tenors above 90 days. Penalty for premature withdrawal of term deposits has been waived for deposits of tenors up to 90 days.
"However, no interest shall be paid on term deposits that have remained with the Bank for less than 7 days."
Domestic Term Deposits of Rs One Crore & above
Term deposits will continue to be accepted for amounts of Rs. One Crore and above at all the branches, and the ‘card’ rates w.e.f. 11.07.2011 are as below:
Tenors | Existing w.e.f. 07.12.2010 | Revised w.e.f.11.07.2011 | |
7 days to 14 days | 6.25 | 7 days to 14 days | 8.00 |
15 days to 30 days | 6.25 | 15 days to 30 days | 8.00 |
31 days to 45days | 6.50 | 31 days to 45days | 8.00 |
46 days to 90 days | 7.00 | 46 days to 90 days | 8.25 |
91 days to 180 days | 7.25 | 91 days to 179 days | 8.00 |
180 days to 240 days | 8.00 | ||
181 days to 270 days | 7.75 | 241 days to 270 days | 8.00 |
271 days to less than 1 year | 8.00 | 271 days to less than 1 year | 8.25 |
1 year to less than 2 years | 8.50 | 1 year to less than 2 years | 9.00 |
2 years and above | 8.00 | 2 years and above | 8.75 |
The Differential Rates of Interest (DRI rates for higher amount of deposits) for the day may be obtained from the DGM(SME) at the nearest Local Head Office through the nearest branch
Premature Payment of Term Deposits:
Interest to be charged on premature withdrawal of term deposits at 0.50% below the rate applicable for the period deposit has remained with the Bank or 0.50% below the contracted rate, whichever is lower, for tenors above 90 days. Penalty for premature withdrawal of term deposits has been waived for deposits of tenors up to 90 days.
"However, no interest shall be paid on term deposits that have remained with the Bank for less than 7 days."
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