FIXED DEPOSIT RATE INCREASED BY SBI WEF 28.03.2012

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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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