Tuesday, March 27, 2012

FIXED DEPOSIT RATE INCREASED BY SBI WEF 28.03.2012


on Tuesday, March 27, 2012

SBI(State Bank Of India) has increased its time deposit rates (Fixed deposit,FDR) wef 28.03.2012.The increase in rate is only for fdr up to one year of period .

Now 7 days to one year FDR is for interest @ 8 % per year. Earlier different rates were offered for 7-90,90-179,181-240 and 241 days -one year.So in overall increase is 25 basis point to 100 basis points . 

Deposit rate for 15 lakh to one crore and one crore and above has also been increased.

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 

The revised interest rates for Domestic Term Deposits 'Below Rupees One Crore' effective from the 28.03.2012would be as under

Tenors
Current rates  w.e.f. 13.08.2011
Revised rates  w.e.f. 28.03.2012
 up to 15 lakhs
>15 lakh but less than 1 crore
I crore & above
7 days to 90 days
7
8
9
9
91 days to 179 days
7.25
8
9
9
180 days
7
7
9
9
181 days to 240 days
7
8
8
8
241 days to less than 1 year
7.75
8
8
8
1 year to less than 2 years
9.25
9.25
9.25
9.25
2 years to less than 3 years
9.25
9.25
9.25
9.25
3 years to less than 5 years
9.25
9.25
9.25
9.25
5 years and up to 10 years 
9.25
9.25
9.25
9.25


Premature Payment of Term Deposits more than 15 lakh and but less than one crore : 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 180 days. Penalty for premature withdrawal of term deposits has been waived for deposits of tenors up to 180 days. However, no interest shall be paid on term deposits that have remained with the Bank for less than 7 days.


Premature payment of term deposits one crore and above:
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 180 days. Penalty for premature withdrawal of term deposits has been waived for deposits of tenors up to 180 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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  1. Aren't senior citizens getting .5% higher interest on FDR? I got only .25% higher on recent FDR (that is 9.5% for 1-year FDR.)

    ReplyDelete
    Replies
    1. now it has been 9 %
      recently means 2 months back they cut rate by .25%

      Delete
  2. what is the rule for bank fix deposit interest?

    ReplyDelete
  3. hi guys if i keep 12lakh in fixed deposit with joint account will i be charged for income tax from my maturity amount? will someone pls reply.

    ReplyDelete
    Replies
    1. If there is no other income then no tax applicable . However you should furnish form 15H to banks every year to enable them not to deduct tax from your fdr interest.

      Delete
  4. Where do we get the most current interest rates, please? According to above rates it should be 9.5% for seniors (9.25%+.25%) But actual interest for senior is 9% now. Thanks.

    ReplyDelete
  5. I want to open new FD but can't find current interest rates. The rates given here are outdated. Because when I opened FD the interest rates were lower what is given here. Any help will be appreciated. Thanks.

    ReplyDelete
  6. Is it possible to edit the existing FD for renewal instructions? For example, to add money to the existing FD when it is renewed. Say add 0.5 lac to 2.5 lac so that it is 3 Lac FD when renewed. THANKS in advance for the help.

    ReplyDelete
    Replies
    1. I am looking for exactly the same thing. Hope someone helps.

      Delete
  7. How do we edit the existing FD for renewal instructions. For example, to stop auto-renewal or to add money for the next renewal. Please help. Thanks.

    ReplyDelete
    Replies
    1. you should go to bank and ask them to do so

      Delete
  8. Thanks Raja Babu. But I open my FDs through internet banking. There should be some way to do over the internet to update FD renewal; and to add money to the existing FD. Any internet banking expert. OR if SBI is not set up do so. Please let us know. HSBC is great for FD renewal update. But I like SBI internet banking to open a new FD. Thanks.

    ReplyDelete
    Replies
    1. I have not found any such instruction but you can do it within the option available in online system

      You can schedule a transaction ,so you can create new fdr on a given specific amount .

      further on creating new FDr Following options are already available

      Auto renew Principal and Interest
      Auto renew Principal and repay Interest
      Repay Principal and Interest

      So create a FD with increased amount you can do like this

      1.Create a FDR of A amount for a period say one year without renewal option (repay principal and interest)
      2. Suppose maturity amount is 11000 and you want to add 4000 in it
      3.Use schedule a transaction option and create fdr of 15000 ,next day of maturity of old fdr

      Delete