SBI revised interest rates on Deposits

The revised interest rates on Domestic Term Deposits (below Rs One Crore) effective from the 05.10.2009 are furnished as under:

Interest Rates for Deposits below Rs. One Crore (% p.a.)
Tenors	Existing w.e.f. 08.09.2009		Revised w.e.f. 05.10.2009
15 days to 45 days	3.00	15 days to 45 days	2.75
46 days to 90 days	4.00	46 days to 90 days	3.75
91 days to 180 days	5.25	91 days to 180 days	5.00
181 days to less than 1 year	6.00	181 days to less than 1 year	5.75
1 year to less than 2 years	6.50	1 year to less than 2 years	6.25
2 year to less than 3 years	7.00	2 year to less than 3	6.75
3 year to less than 5 years	7.25	3 year to less than 5 years	7.00
5 years to less than 8 years	7.50	5 years to less than 8 years	7.25
8 years and up to 10 years	7.75	8 years and up to 10 years	7.50

Note: Term deposits for maturity period of "7 days to 14 days" will continue to be accepted for amounts of Rs. 1 Crore and above.

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 proposed 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 proposed 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 on Domestic Term Deposits of Rs One Crore & above with effect from 15.06.2009 would be as under:

Interest Rates for Deposits of Rs. One Crore & Above (% p.a.)
Tenors	Rates w.e.f. 13.05.2009	Revised w.e.f. 15.06.2009
7 days to 14 days	1.50	1.50
15 days to 30 days	2.00	2.00
31 days to 45days	2.25	2.25
46 days to 90 days	2.50	2.50
91 days to 180 days	3.00	3.00
181 days to 270 days	4.00	4.00
271 days to less than 1 year	5.00	4.50
1 year and above	5.50	5.00

No differential (higher) rates of interest shall be paid for these deposits.

Premature Payment of Term Deposits:

The instructions regarding interest rate to be charged on premature payment of domestic term deposits continue as under :-

Interest to be charged on premature withdrawal of term deposits at 1.00% below the rate applicable for the period deposit has remained with the Bank.

Chief General Managers at Circles/ CAG/ MCG have been given discretion for reduction/ waiver of penalty for premature withdrawal of term deposits that have remained with our Bank for more than 1 year. The reduction/ waiver in penalty may be permitted on satisfying genuine need for premature withdrawal and value of the connection.

No premature penalty will be levied from staff and SBI pensioners. Interest rate to be paid on premature withdrawal of term deposits by staff and SBI pensioners will be same as applicable for the period deposit has remained with the Bank.

These instructions are also applicable for premature withdrawal of existing term deposits.

DEPOSITS OF Resident Indian SENIOR CITIZENS

(Age 60 years and above)
For deposits below Rs One Crore

Tenors	Existing w.e.f. 08.09.2009		Revised w.e.f. 05.10.2009
15 days to 45 days	3.00	15 days to 45 days	2.75
46 days to 90 days	4.00	46 days to 90 days	3.75
91 days to 180 days	5.25	91 days to 180 days	5.00
181 days to less than 1 year	6.00	181 days to less than 1 year	5.75
1 year to less than 2 years	7.00	1 year to less than 2 years	6.75
2 years to less than 3 years	7.50	2 years to less than 3 years	7.25
3 years to less than 5 years	7.75	3 years to less than 5 years	7.50
5 years to less than 8 years	8.00	5 years to less than 8 years	7.75
8 years and up to 10 years	8.25	8 years and up to 10 years	8.00

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 interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rates. The rate applicable to SBI Pensioners of age 60 years and above will be 1.00% above the rate payable 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%).