The revised interest rates for Domestic Term Deposits
‘Below Rupees One Crore’ effective from the 7th September 2012
would be as under:
(All figures in % per annum)
Tenor
|
Below Rs.15 Lakhs
|
Rs.15 lakhs to less than Rs. 1 Cr
| ||
Existing Rates w.e.f. 07.08.2012
|
Revised rates w.e.f. 07.09.2012
|
Existing Rates w.e.f. 07.08.2012
|
Revised rates
w.e.f. 07.09.2012
| |
7 days to 90 days
|
7.00
|
6.50
|
8.00
|
7.50
|
91 days to 179 days
|
7.00
|
6.50
|
8.00
|
7.50
|
180 days
|
7.00
|
6.50
|
8.00
|
7.50
|
181 days to 240 days
|
7.25
|
6.50
|
8.00
|
7.50
|
241 days to less than 1 year
|
7.50
|
6.50
|
8.00
|
7.50
|
1 year to less than 2 years
|
9.00
|
8.50
|
9.00
|
8.50
|
2 years to less than 3 years
|
9.00
|
8.50
|
9.00
|
8.50
|
3 years to less than 5 years
|
9.00
|
8.50
|
9.00
|
8.50
|
5 years and up to 10 years
|
8.50
|
8.50
|
8.50
|
8.50
|
The effective interest rates for Single term deposits of Rs 15 lacs and above but less than Rs 1 crore w.e.f. 7thSeptember 2012 will be as under :
Tenor
|
Rs.15 lakhs and above to less than Rs. 1 Crore
| ||
Existing premiums w.e.f. 07.08.2012
|
Revised Premiums
w.e.f. 07.09.2012
|
Effective Rate
w.e.f. 07.09.2012
| |
7 days to 90 days
|
100 bps
|
100 bps
|
7.50
|
91 days to 179 days
|
100 bps
|
100 bps
|
7.50
|
180 days
|
100 bps
|
100 bps
|
7.50
|
181 days to 240 days
|
75 bps
|
100 bps
|
7.50
|
241 days to less than 1 year
|
50 bps
|
100 bps
|
7.50
|
1 year to less than 2 years
|
-
|
-
|
8.50
|
2 years to less than 3 years
|
-
|
-
|
8.50
|
3 years to less than 5 years
|
-
|
-
|
8.50
|
5 years and up to 10 years
|
-
|
-
|
8.50
|
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 7th September 2012 stands revised as under:
(All figures in % per annum)
Tenor
|
Below Rs.15 Lakhs
|
Rs.15 lakhs to less than Rs. 1 Cr
| ||
Existing Rates w.e.f. 07.08.2012
|
Revised rates w.e.f. 07.09.2012
|
Existing Rates w.e.f. 07.08.2012
|
Revised rates w.e.f. 07.09.2012
| |
7 days to 90 days
|
7.00
|
6.50
|
8.00
|
7.50
|
91 days to 179 days
|
7.00
|
6.50
|
8.00
|
7.50
|
180 days
|
7.00
|
6.50
|
8.00
|
7.50
|
181 days to 240 days
|
7.25
|
6.50
|
8.00
|
7.50
|
241 days to less than 1 year
|
7.50
|
6.50
|
8.00
|
7.50
|
1 year to less than 2 years
|
9.50
|
9.00
|
9.50
|
9.00
|
2 years to less than 3 years
|
9.50
|
9.00
|
9.50
|
9.00
|
3 years to less than 5 years
|
9.50
|
9.00
|
9.50
|
9.00
|
5 years and up to 10 years
|
9.00
|
9.00
|
9.00
|
9.00
|
The effective interest rate for Single term deposits of Rs 15 lacs and above but less than Rs 1 crore payable to resident Indian Senior Citizens (60 years and above) w.e.f. 7th September 2012 will be as under:
Tenor
|
Rs.15 lakhs and above to less than Rs. 1 Crore
| ||
Existing premiums w.e.f. 07.08.2012
|
Revised Premiums
w.e.f. 07.09.2012
|
Effective Rate
w.e.f. 07.09.2012
| |
7 days to 90 days
|
100 bps
|
100 bps
|
7.50
|
91 days to 179 days
|
100 bps
|
100 bps
|
7.50
|
180 days
|
100 bps
|
100 bps
|
7.50
|
181 days to 240 days
|
75 bps
|
100 bps
|
7.50
|
241 days to less than 1 year
|
50 bps
|
100 bps
|
7.50
|
1 year to less than 2 years
|
-
|
-
|
9.00
|
2 years to less than 3 years
|
-
|
-
|
9.00
|
3 years to less than 5 years
|
-
|
-
|
9.00
|
5 years and up to 10 years
|
-
|
-
|
9.00
|
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%).
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. However, NRO deposits of Staff are not eligible for additional 1% interest otherwise applicable to staff domestic retail deposits, These rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks.
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 the deposit has remained with the Bank.
The revised interest rates on ‘Domestic Term Deposits’ of ‘Rs One Crore & above’ with effect from 7th September 2012would be as under:
Tenors
|
Existing w.e.f.07.08.2012
|
Revised w.e.f.07.09.2012
|
7 days to 180 days
|
8.00
|
7.50
|
181 days to 270 days
|
8.00
|
7.50
|
271 days to less than 1 year
|
8.00
|
7.50
|
1 year to less than 2 years
|
9.00
|
8.50
|
2 years to less than 5 years
|
9.00
|
8.50
|
5 years to 10 years
|
8.50
|
8.50
|
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 NRO 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.