State Bank of India (SBI) revised interest rates on fixed deposits with effect from 28.03.2018.
State Bank of India (SBI) offers attractive interest rates on fixed deposits (FDs).
Fixed deposit, a popular savings instrument offered by banks and financial companies, assures of a fixed interest rate on customers' investments.
The biggest advantage of investing in FDs is that the investment is secure against volatility linked to other market-based savings instruments like bonds and shares.
That is why FDs are apt for risk-averse investors.
SBI recently revised interest rates on its FDs.
The interest rates for senior citizens are slightly higher than those for others, according to SBI's website, sbi.co.in.(: How SBI Savings Plus Account Can Help You Earn Higher Interest)SBI also offers e-TDR/e-STDR options to its customers.
e-TDR are electronic term deposits while e-STDR are electronic special term deposits.
Fixed deposits are also known as term deposits.
SBI's e-TDR/e-STDR allow customers to open and close fixed deposits online.Here are five things to know about SBI's online fixed deposits as given on onlinesbi.com, SBI's website:1) If you have an internet banking user name and password, and at least one transaction account mapped to the username, you can open a fixed deposit with SBI online.(: State Bank Of India (SBI) ATM Cash Withdrawal Limit Explained)2) As a general rule, the minimum tenure for a fixed deposit is seven days and the maximum is 10 years.
However, both fixed deposits and special fixed deposits are bound by the following minimum and maximum tenures: minimum tenure is seven days for fixed deposits and 180 days for special fixed deposits while the maximum tenure is 3,650 days for fixed deposits and special fixed deposits.(: Latest Bank FD Interest Rates Offered By SBI, HDFC Bank, ICICI Bank, Indian Overseas Bank)3) You can open a fixed deposit with a nominal amount of Rs.1,000.
However, the minimum and maximum amount limit may vary for different product codes.4) You can also generate and print a fixed deposit advice containing all the relevant details.(: SBI Savings Accounts Compared To Post Office Savings Accounts)5) Interest rates offered on SBI's fixed deposits:SBI revised interest rates on fixed deposits with effect from 28.03.2018.
Accordingly, the interest rates for retail domestic term or fixed deposits 'Below Rupees One Crore', among others, have been revised.
The revised interest rates are as under:(All figures in % per annum)TenorsExisting for Public w.e.f.
28.02.2018Revised For Public w.e.f.
28.03.2018Existing for Senior Citizens w.e.f.
28.02.2018Revised for Senior Citizens w.e.f.
28.03.20187 days to 45 days5.755.756.256.2546 days to 179 days6.256.256.756.75180 days to 210 days6.356.356.856.85211 days to less than 1 year6.46.46.96.91 year to less than 2 year6.46.46.96.92 years to less than 3 years6.56.677.13 years to less than 5 years6.56.777.25 years and up to 10 years6.56.7577.25SBI also offers tax-saving fixed deposits, which require a minimum lock-in period of five years.