After changing repo rates by RBI, State Bank of India has also revised their interest rates on investment upto One Crore and above w.e.f. 24.04.2012. Now repo rate is 8% and reverse repo rate is 7% and SBI changed rate of interest are detailed given below :-
The revised interest rates for Domestic Term Deposits ‘Below Rupees One Crore’ effective from the 24th April 2012 would be as under:
However, it has been decided that with effect from 24thApril 2012 (a) An additional premium of 75 bps over the card rates will be paid on single term deposits of Rs 15 lacs and above (but less than Rupees one crore) for tenor of 7 to 180 days. (b) An additional premium of 50 bps over the card rates will be paid on single term deposits of Rs 15 lacs and above (but less than Rupees one crore) for tenor of 181 days to less than 1 year. (c) An additional premium of 25 bps over the card rates will be paid on single term deposit of Rs 15 lacs and above (but less than Rupees one crore) for tenor of 3 years and above. The effective interest rates for Single term deposits of Rs 15 lacs and above but less than Rs 1 crore w.e.f. 24th April 2012 will be as under:
RESIDENT INDIAN SENIOR CITIZENS DEPOSIT RATES The interest rates payable on deposits to resident Indian Senior Citizens (60 years and above) for Domestic Term Deposits ‘Below Rupees One Crore’ effective from the 24thApril 2012 stands revised as under:
However, it has been decided that with effect from 24th April 2012 (a) An additional premium of 75 bps over the card rates will be paid on single term deposits of Rs 15 lacs and above (but less than Rupees one crore) for tenor of 7 to 180 days. (b) An additional premium of 50 bps will be paid on single term deposits of Rs 15 lacs and above (but less than Rupees one crore) for tenor of 181 days to less than 1 year. (c) An additional premium of 25 bps over the card rates will be paid on single term deposit of Rs 15 lacs and above (but less than Rupees one crore) for tenor of 3 years and above. The effective interest rate for Single term deposits of Rs 15 lacs and above but less than Rs 1 crore payable toresident Indian Senior Citizens (60 years and above) w.e.f. 24th April 2012 will be as under:
Premature Withdrawal: (a) There shall be no penalty for premature withdrawal of deposits below Rs 15 lacs for tenors 7 days to 180 days provided these have remained with the Bank for at least 7 days. (b) However, for single deposit of Rs 15 lacs and above, there shall be no penalty for premature withdrawal for tenors below 1 year provided these have remained with the bank for at least 7 days. (c) In other cases of premature withdrawal, the interest shall be 0.50% below the rate applicable for the period the deposit has remained with the Bank or 0.50% below the contracted rate, whichever is lower. However, no interest will be paid if the deposit remains with the bank for less than 7 days period. (d) These instructions for premature withdrawals will apply only to fresh deposits and renewed maturing deposits. (e) There is no discretion for reduction/waiver of penalty for premature withdrawal of term deposits. (f) 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. The revised interest rates on ‘Domestic Term Deposits’ of ‘Rs One Crore & above’ with effect from 24th April 2012 would be as under:
No premium for SBI Staff, SBI Staff Pensioners & Senior Citizens or any other category of depositors shall be paid for such deposits. Premature payment of term deposits: The instructions regarding interest rate to be charged on premature payment of domestic term deposits are as under:- (a) There shall be no penalty for premature withdrawal of bulk deposits of tenors below one year provided these have remained with the bank for at least 7 days. (b) In other cases of premature withdrawal, the Interest shall be 0.50% below the rate applicable for the period the deposit has remained with the Bank or 0.50% below the contracted rate, whichever is lower. However, no interest will be paid if the deposit remains for less than 7 days period. (c) These instructions for premature withdrawals will apply only to fresh deposits and renewed maturing deposits. (d) There is no discretion for reduction/waiver of penalty for premature withdrawal of term deposits The revised rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. The interest rates on NR(O) term deposits shall be aligned as per the rates for domestic term deposits. These rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks. |