Interest Rates

An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over which it is lent, deposited or borrowed.


Interest Rate on Savings Bank Account

Interest Rate on Savings Bank Account: 3.5% Per Annum.

Revision of Interest Rates on SBI Savings Bank Deposits With Effect from Jan 2019.

Sr No Particulars Rate of Interest
1 Saving Deposits Balance upto Rs. 1 crore. 3.50% p.a
2 Saving Deposits Balance above Rs. 1 crore. 4.00% p.a

Savings Bank Interest rate for balances above Rs 1 lakh w.e.f 1st May 2019

Savings Bank Deposit accounts with balances above Rs. 1 lakh.

2.75% below RBI’s Repo Rate

A senior citizen at SBI enjoys deposit interest rate between 6.25% to maximum 7.35% annually.

Interest on CC, OD w.e.f 1st May 2019

All Cash Credit Accounts, Overdraft Accounts with limits over Rs.1 lakh*

2.25% above RBI’s Repo Rate


Informational Regarding Additional Interest To SBI Staff and other Applicable Entity

The interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate. The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50% above the rate payable for all tenors 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 “SBI Tax Savings Scheme 2006(SBITSS)” Retail Deposits and NRO deposits shall be aligned as per the proposed rates for domestic retail term deposits. However, NRO deposits of Staff are not eligible for an 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.


Fixed Deposit Intrest Rates

Interest Rates for Domestic Term Deposits or Fixed Deposits Upto 2 Crore

For Retail Domestic Term Deposits ‘Below Rupees Two Crore ‘have been revised. The revised interest rates are as under :

(All figures in % per annum)

Tenors Existing for Public w.e.f. 28.11.2018 Revised For Public w.e.f. 22.02.2019 Existing for Senior Citizens w.e.f. 28.11.2018 Revised for Senior Citizens w.e.f. 22.02.2019

7 days to 45 days

5.75
5.75
6.25
6.25

46 days to 179 days

6.25
6.25
6.75
6.75

180 days to 210 days

6.35
6.35
6.85
6.85

211 days to less than 1 year

6.40
6.40
6.90
6.90

1 year to less than 2 year

6.80
6.80
7.30
7.30

2 years to less than 3 years

6.80
6.80
7.30
7.30

3 years to less than 5 years

6.80
6.80
7.30
7.30

5 years and up to 10 years

6.85
6.85
7.35
7.35

Interest Rates for Domestic Term Deposits or Fixed Deposits Above 2 Crore to 10 Crores

The revised Interest rates on ‘Domestic Bulk Term deposits (Rs.2 Crore To Rs. 10 Crores) with effect from 22nd Feb, 2019 will be as per the following table:

(All figures in % per annum)

Tenors Existing w.e.f. 30.07.2018 Revised w.e.f 22.02.2019 Existing for Senior Citizen w.e.f 30.07.2018 Revised for Senior Citizen w.e.f. 22.02.2019

7 days to 45 days

5.75
5.75
6.25
6.25

46 days to 179 days

6.25
6.25
6.75
6.75

180 days to 210 days

6.35
6.35
6.85
6.85

211 days to less than 1 year

6.40
6.40
6.90
6.90

1 year to less than 2 years

6.70
6.70
7.20
7.20

2 years to less than 3 years

6.75
6.75
7.25
7.25

3 years to less than 5 years

6.80
6.80
7.30
7.30

5 years and upto 10 years

6.85
6.85
7.35
7.35Effective from 01st May 2019, Interest on:

Intrest Rates for Domestic Term Deposits or Fixed Deposits Above 10 Crores

The revised Interest rates on ‘Domestic Bulk Term deposits (above Rs. 10 Crores) with effect from 22nd Feb, 2019 will be as per the following table:

(All figures in % per annum)

Tenors Existing w.e.f. 30.07.2018 Revised w.e.f 22.02.2019 Existing for Senior Citizen w.e.f 30.07.2018 Revised for Senior Citizen w.e.f. 22.02.2019

7 days to 45 days

5.75
5.75
6.25
6.25

46 days to 179 days

6.25
6.25
6.75
6.75

180 days to 210 days

6.35
6.35
6.85
6.85

211 days to less than 1 year

6.40
6.40
6.90
6.90

1 Year to less than 2 year

6.70
6.70
7.20
7.20

2 years to less than 3 years

6.75
6.75
7.25
7.25

3 years to less than 5 years

6.80
6.80
7.30
7.30

5 years and up to 10 years

6.85
6.85
7.35
7.35

Premature payment of Bulk term deposits:

Premature penalty for Bulk Term Deposits for all tenors will be 1%. It will be applicable for all new deposits including renewals. There is no discretion for reduction/waiver of penalty for premature withdrawal of term deposit

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.